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.


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Dan
Dan
7 months ago

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……

gretta
gretta
7 months ago
Reply to  Dan

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.

v steve
v steve
7 months ago
Reply to  gretta

“They” are communist.

al finnell
al finnell
7 months ago
Reply to  v steve

Commie is CATHOLIC.

Dinkus
Dinkus
7 months ago
Reply to  al finnell

More precise, “a devout Catholic”.

David Baker
David Baker
7 months ago
Reply to  al finnell

He’s NOT Catholic.

David Baker
David Baker
7 months ago
Reply to  v steve

They’re anything BUT “Communist”. They’re “Progressives”, “Liberals”, “Democratic Socialists” and “Globalists”. The “C” word will not be mentioned–ever–by these people.

Pawn
Pawn
6 months ago
Reply to  David Baker

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.

Jimmy Jo Meeker
Jimmy Jo Meeker
7 months ago
Reply to  Dan

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 !!! 🤬🤬🤬

David Baker
David Baker
7 months ago
Reply to  Dan

Ringo Starr would agree with such sentiments.

Ros Fe
Ros Fe
7 months ago

Surprise surprise. Not.

Thom Caldwell
Thom Caldwell
7 months ago

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.

al finnell
al finnell
7 months ago
Reply to  Thom Caldwell

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.

Dinkus
Dinkus
7 months ago
Reply to  al finnell

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.

catherine
catherine
7 months ago
Reply to  Dinkus

Me Too and I’m not religious! I believe in GOD though and say prayers, unlearned, to him.

David Baker
David Baker
7 months ago
Reply to  Dinkus

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.

David Baker
David Baker
7 months ago
Reply to  al finnell

“All Catholics are traitors”. Yeah, just like the Rosenbergs.