‘Biden’ Tax Hikes Would Cost 1 Million Jobs in 2 years, Study Finds

Once it is understood that the Democrats despise America and Americanism, their every action is easily understood. Treason.

The idea that you would gore Americans with huge tax increases after a year of lockdowns, job closures, high employment and terrible malaise is the act of an enemy invader.

Related: Biden says his massive tax increase will make the economy ‘better’

Story continues below advertisement

Biden’s tax hikes would cost 1 million jobs in 2 years, study finds

No thank you.

By: Phil Shiver, The Blaze, April 09, 2021:

According to a new study from the National Association of Manufacturers, President Joe Biden’s plans to significantly increase taxes to pay for his $2.25 trillion infrastructure bill would cost the U.S. economy a whopping one million jobs in just two short years.

The study, conducted by economists at Rice University in Texas, found that if Congress approved the Biden administration’s proposals to raise the corporate tax rate from 21% to 28%, pare back tax preferences for so-called pass-through businesses, and increase the capital gains tax on wealthy Americans, among other measures, the result would be devastating for the economy.

“Total employment, measured by hours worked, would fall by 0.7% initially before moderating. The reduction in hours worked would be equivalent to an employment decline of approximately 1 million full-time jobs in 2023,” the economists concluded. “Those jobs would still be gone in 2026 before stabilizing.”

“The average annual reduction in employment would be equivalent to a loss of 600,000 jobs each year over 10 years,” they added.

Biden’s so-called infrastructure plan — the bulk of which does not pay for highways, bridges, and roads but funds progressive policy initiatives such as climate research, education, and green energy — is slated to cost more than $2 trillion. To pay for the plan, the administration has proposed the largest tax hike in nearly 30 years.

Included among the tax increases is a hike to the corporate tax rate, which Republicans lowered to 21% from 35% during Donald Trump’s presidency. The move was aimed at giving the U.S. a competitive global advantage and preventing American businesses from relocating offshore in search of lower tax rates.

By raising the corporate tax rate to 28%, that competitive advantage would be lost, NAM said in a summary of the study’s results. “The conclusion of this study is inescapable — following through with tax hikes that give other countries a clear advantage will mean far fewer jobs created in America.”

The administration may have to seek alternatives for paying for the plan if it is to have any chance of passing in Congress, as some moderate Democrats are balking at the tax hikes, along with every Republican.

[the_ad id=”110283″]

Last week, swing-vote Democrat Sen. Joe Manchin (W.Va.) threw cold water on the plan, saying he wouldn’t support it as is. He specifically cited concerns with raising the corporate tax rate.

“This study tells us quantitatively what manufacturers from coast to coast will tell you qualitatively: increasing the tax burden on companies in America means fewer American jobs. One million jobs would be lost in the first two years, to be exact,” NAM President and CEO Jay Timmons added in a statement.

The Truth Must be Told

Your contribution supports independent journalism

Please take a moment to consider this. Now, more than ever, people are reading Geller Report for news they won't get anywhere else. But advertising revenues have all but disappeared. Google Adsense is the online advertising monopoly and they have banned us. Social media giants like Facebook and Twitter have blocked and shadow-banned our accounts. But we won't put up a paywall. Because never has the free world needed independent journalism more.

Everyone who reads our reporting knows the Geller Report covers the news the media won't. We cannot do our ground-breaking report without your support. We must continue to report on the global jihad and the left's war on freedom. Our readers’ contributions make that possible.

Geller Report's independent, investigative journalism takes a lot of time, money and hard work to produce. But we do it because we believe our work is critical in the fight for freedom and because it is your fight, too.

Please contribute here.

or

Make a monthly commitment to support The Geller Report – choose the option that suits you best.

Quick note: We cannot do this without your support. Fact. Our work is made possible by you and only you. We receive no grants, government handouts, or major funding. Tech giants are shutting us down. You know this. Twitter, LinkedIn, Google Adsense, Pinterest permanently banned us. Facebook, Google search et al have shadow-banned, suspended and deleted us from your news feeds. They are disappearing us. But we are here.

Subscribe to Geller Report newsletter here— it’s free and it’s essential NOW when informed decision making and opinion is essential to America's survival. Share our posts on your social channels and with your email contacts. Fight the great fight.

Follow Pamela Geller on Gettr. I am there. click here.

Follow Pamela Geller on
Trump's social media platform, Truth Social. It's open and free.

Remember, YOU make the work possible. If you can, please contribute to Geller Report.

Join The Conversation. Leave a Comment.

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spammy or unhelpful, click the - symbol under the comment to let us know. Thank you for partnering with us to maintain fruitful conversation.

If you would like to join the conversation, but don't have an account, you can sign up for one right here.

If you are having problems leaving a comment, it's likely because you are using an ad blocker, something that break ads, of course, but also breaks the comments section of our site. If you are using an ad blocker, and would like to share your thoughts, please disable your ad blocker. We look forward to seeing your comments below.

Sponsored
Geller Report
Thanks for sharing!