A new study commissioned by the National Association of Manufacturers is now setting off alarm bells about potential massive job losses that are likely to be caused by Joe Biden’s new plan to hike taxes on Americans.
The study has found that up to one million American jobs are likely to be lost within the first two years of Joe Biden implementing his proposed tax plan.
As ATR reports:
Joe Biden’s tax hikes would eliminate one million jobs in the first two years, according to a new study by economists John W. Diamond and George R. Zodrow. The study, which was commissioned by the National Association of Manufacturers also found that the tax hikes would eliminate 600,000 jobs per year over the first decade and reduce GDP by $117 billion in the first two years.
The study assumed several Biden tax hikes would go into effect include raising the corporate tax rate to 28 percent, reinstating the corporate alternative minimum tax, eliminating most expensing of depreciable assets, repealing the 20% deduction for pass-through businesses, doubling the tax rate on capital gains and dividends, taxing unrealized capital gains at death, and increasing the top individual tax rate to 39.6 percent…
Other studies, on average, show that labor (or workers) bear an estimated 70 percent of the corporate income tax in the form of wages and employment, as ATR notes here.
At a time when American workers are still trying to regain employment and lost wages, it is hard to imagine a more harmful set of policies to enact. To have a strong economic recovery, it is imperative that we incentivize job creation, investment, and wage growth. Biden’s tax hikes do precisely the opposite.
Just like Joe Biden’s old boss Barack Hussein Obama, they’re both gifted with the opposite midas touch. Everything they touch turns to shiff……
And, they do it on purpose to destroy our economy, to destroy our citizens, and to destroy our country so they can turn us over to the globalist communist UN and China.
“They” are communist.
Commie is CATHOLIC.
More precise, “a devout Catholic”.
He’s NOT Catholic.
They’re anything BUT “Communist”. They’re “Progressives”, “Liberals”, “Democratic Socialists” and “Globalists”. The “C” word will not be mentioned–ever–by these people.
actually all of these politicians are just crooks. Crooks that are commiting treasin and selling our country down the tubes for thier betterment. These politicians all need to be hung. They are taking thier orders, and money, from the super rich. People like soros, who is a nazi and exposes the nazi doctrines.
That’s too slow….old Joe needs around 10 million workers out of work and on welfare, plus at least 40 million illegals voting along with the few that were ACTUALLY dumb enough to physically vote for this imbecile…Phony mail-ballots hauled in during the wee hours of the morning should cap off the number of votes to keep him in office long enough for his “handlers” to complete the transition to COMMUNISM the basturdcrats have DREAMED of for decades !!! 🤬🤬🤬
Ringo Starr would agree with such sentiments.
Surprise surprise. Not.
The Left does not care about the people, only their political and social agendas. They truly believe that what they want should be the only things that matter.
NO CATHOLIC “C” is an American…. ALL Catholics are traitors….My religion is the USA. My holy book is the Constitution….. There are two sides to a coin, heads, tails. There is The USA OR the Vatican…. The Constitution OR the bi-babble… the President of the USA OR the pooopie…. .. they are opposite and not compatible…..R and D mean nothing. .. ..The smoke screen continues and continues. Political correct will get us all killed. they are ILLEGAL ALIEN CATHOLIC “C” INVADERS. Vote for ANY CATHOLIC and you vote for a traitor. The Vatican is a foreign hostile NATION which is at undeclared perpetual war with all other nations. Be Catholic or be dead.
I am a Catholic, and I think you are going too far.
The pope we have now I cannot relate to nor do I care for. I’m sure he and Barack Obama see mostly eye to eye, good commie/socialist comrades. I do not care for liberal priests or bishops.
I am a pro American and patriotic as any person on these posts.
Let me say this. Religion teaches the average person morals and many other positive things. I believe religion does much more good than harm.
Me Too and I’m not religious! I believe in GOD though and say prayers, unlearned, to him.
You can learn much from the writings of Dr Lorraine Day on this topic. Her marriage to a former Congressman also provides her with insider knowledge of that outfit. You can start your studies with the passing of Noahide Laws during her husband’s term.
“All Catholics are traitors”. Yeah, just like the Rosenbergs.
Wow! We found the Village Idiot!!! Joe and the brainless congress are going to force the Great American people to revolt…. while China,Russia, and Iran decide how they will take us out while we fight amongst ourselves over ignorant and stupid things. Anyone missing orange man yet? I can only imagine how the world is looking at our stupidity right now for letting the democratic communist regime take over our great country. The fighting is just beginning! Everyone needs to pray… your lives are going to depend on it!!!
Uh, you don’t seem to notice what’s occurring in the wake of the Coup: They’re ORCHESTRATING a Revolt. Only when the torch-holding masses are marching menacingly toward the White House will Numb Nuts have authority to invoke the Martial Law scheme. Why do you think the National Guard was posted around Washington during his coronation?
Wow, somebody needs to crush him and his socialist commie squad! Ifnz left up to us, it will be very nasty!!!
Before long it will be up to us
They want to do everything to make us a 4rd world country. Open the borders, spend as much as you can then bleed the people as well as taking jobs away. Notice that very little of the money is going to the people. In fact a very small percentage is going to help the people. Then up go the taxes to take our country and send corporate companies out of the US again. Lovely isn’t it?
There won’t even be a country to bestow that status upon if Soros gets his way. (Numb Nuts was an example of Soros getting his way, along with his consort..) The Globalist Campaign includes the dissolving of all sovereign borders.
The BASTARD is going to BREAK this country so we all have to get in a bread line and China can take us over. IT’S PLAIN AND SIMPLE THAT’S WHAT HE IS DOING. Kill the jobs, over run us with illegals to drain the resources so they won’t help you. Get people infighting for anything. Disband the Police so THUGS can run wild, civil unrest. BLM, ANTIFA are their Storm troops. Print money until it’s WORTHLESS and 90% goes in their pockets. This country WILL NOT MAKE IT UNTIL THE NEXT ELECTION AND IT ALL RIGGED ALREADY. COMMIE JOE PANTY SNIFFER IS GOING TO TAKE EVERYTHING YOU GOT AND COME FOR MORE. IF YOU TURN IN YOUR GUNS, YOU ARE SCREWED. THEY WILL HERD YOU INTO A FEMA CAMP FOR CHINESE SLAVE LABOR OR BILL GATES FARMS. Unless “WE THE PEOPLE” GET OFF OUR LAZY ASS AND DO SOMETHING. WE ARE NOW A FOURTH WORLD NATION and sinking fast. Corporate Greed has let China steal everything to use against us. HEY, Corporations, who are you going to sell stuff to when nobody has a job and you have no workers to make it or buy it. You have cut your own throat for greed and it’s about to kick your stupid ass. GOOD LUCK. Mother Fu*kers. I’m afraid it’s too far down the tubes to fix. But we will see! SNOWFLAKES you wanted Commie free stuff, your about to get it and I don’t think your going to like it.
This SHIT is just the START! For all you PC Mothers ! SHOVE IT ANY WHERE YOU LIKE! I will NO longer KISS YOU ASS! I WILL KICK IT if you get in my face with your “WOKE” CRAP! Long Live the Republic!
Hell yeah!!!! Someday the snowflakes will discover how much “free “ stuff costs
POA, I agree with most of what you’ve said except for the way you’ve said it. You just have a nasty mouth. If one didn’t know better they would think you were a democrat.
Our country is already ‘broke’, and the process continues. The morons who subscribed to Big Government impositions to advantage their gender/race/sexual orientation were dumbed-down during their progressive educations to the point where they could not discern TYRANNY growing within our Halls of Power. Now our regimes can tax the crap out of us, bankrupt our Treasury, impose speech codes, send our jobs to foreign sweatshops, deploy our military forces under foreign authority and keep us distracted from such activities with cultural dissonance and media campaigns to break down our morals and convictions. What is truly tragic is the fact that this process is nothing new
It won’t be long and USA will be no more you see every day but you do nothing lock and load
Capital hill and Joe Biden is “the Fool on the hill”
The Beatles weren’t around when Numb Nuts was installed.
We all know by the actions of #SLEEZYSLIMYJOE and #LEGSPREADERHARRIS, are finishing the destruction that #OBAMANATION started! I think that if the government can’t stop the infection, maybe “WE THE PEOPLE” should! It’s our country, our homes, our children’s home. This needs to stop!!!
Get #PRESIDENTDONALDJTRUMP back in the house so he can put us back the way we were.
” it is hard to imagine a more harmful set of policies to enact.”
No it’s not Loony Obiden is doing it along with Heels up Harris.
Go to hell you biden commies, take your CLUELESS, IGNORANT LEADER WITH YOU!!!
Name-calling doesn’t offer much help. Economic projections are usually wrong. There are surprises like a pandemic. Numbers from biased organizations, the manufacturers, will always sound like the end of the world. The former two term Republican governor walker of Wisconsin promised to create a quarter million jobs. Never came close, and he was including rehires not “jobs created”. And that was after he cut business taxes so they could create jobs. Fact, Trump is the only president since Herbert Hoover, who left office with fewer jobs then when he came in. Still waiting for all those corporations to create jobs with the trillion dollar tax cut. Don’t count on the Democrats to create jobs. Corporations, as the Supreme Court says, are “people” and people will go to wherever they think they can make more money or enjoy the benefits, like China. Just stop buying made in China. It’s neither Democrat or Republican, but consumer choice.
The government is not supposed to create jobs. That fallacy has been a campaign canard since the Two Party ruse was developed to pit Americans against each other. Jobs are created by motivated people who open businesses and hire employees to perform their labor processes. The government is only required to defend our country, establish justice (Courts, Prisons, Criminal Statutes) maintain our sovereignty with border security and avoiding international entanglements, while insuring domestic tranquility and promoting the general welfare of our citizenry. Somewhere along the way, our government became a job maker, equality enforcement agency, war-orchestrating cabal presenting America as an international pariah, Empire/Nation-Building Juggernaut of bellicosity and brutality. Our charter was not designed to give our public servants such leeway.
Vote the communist out of congress, there are only 537 of them in congress.
What Biden & Dems do Take all down
Vs we Take them down
Civil War 2 ahead
joe and his party only know how to DESTROY!
Just so long as those million jobs belong to Biden voters.
Dead people and Electronic Voting Machine Viruses don’t have jobs.
At least the Tent Industry will make a bundle.