Study: Biden Tax Hikes Will Cost 1 Million Jobs in First Two Years

President Biden’s tax hike plan would cost the American economy one million lost jobs in the first two years, according to a study from the National Association of Manufacturers.

Zodrow, calculated the effects of increasing the corporate tax rate to 28%, increasing the top marginal tax rate, repealing the 20% pass-through deduction, eliminating certain expensing provisions, and taxing capital gains as ordinary income for individuals earning $1 million or more.

would lose one million jobs in the first two years, GDP would be $117 billion lower by 2023, and ordinary capital, or investments in equipment and structures, would be $80 billion less in 2023.

Unfortunately, what that means is that America will still lose jobs and investment, just not quite as much.