Biden corporate tax hike would cut 159K jobs and lower wages

[mystery-ak]

Biden corporate tax hike would cut 159K jobs and lower wages: Tax Foundation
by Tyler Van Dyke
 | February 24, 2021 06:00 AM

President Biden's plan to increase the corporate tax rate would weaken economic recovery and hurt competitiveness, according to a report from the Tax Foundation.

Throughout the 2020 presidential campaign, Biden said that he planned to increase the corporate tax rate to 28%, a sharp rise from the current 21% set by former President Donald Trump's Tax Cuts and Jobs Act but still well below the pre-2017 corporate rate of 35%.

The report found that the increase would bring the United States's federal-state combined tax rate to roughly 32% — the highest statutory tax rate in the Organization for Economic Cooperation and Development. Such a tax hike would "increase the cost of investment in America" and "reduce long-run economic output by 0.8 percent, eliminate 159,000 jobs, and reduce wages by 0.7 percent."

more
https://www.washingtonexaminer.com/news/biden-corporate-tax-cuts-economy

[jafo2010]

Manchin votes for a tax increase, he is finished in West Virginia. 

[christian]

Biden corporate tax hike will reverse Trumps getting Corporations moving back from China, back to China.  Xi is so pleased he invested so much money/yen into Biden.  Never Trumpers dance in the streets, another Never Trumper victory.