A report from the Tax Foundation is warning that Joe Biden's newest plans for higher taxes on corporations and rich Americans would cost the jobs of 788,000 people.
Fox News says the foundational assessment of Biden's plans confirms he would reduce economic output by 2.2%, slash wages by 1.6% and cost those hundreds of thousands of "full-time equivalent jobs."
The Tax Foundation explained Biden would "make the tax code more complicated, unstable, and anti-growth, while also expanding the amount of spending in the tax code for a variety of policy goals not related to revenue collection."
It's already been reported that Biden is demanding a 25% minimum tax rate on households worth more than $100 million, much higher capital-gains tax rates, to explode the corporate stock buyback tax by 400%, to raise the corporate income tax rate to 28%, and that some Americans pay more for Medicare tax and more.
He wants to spend much of the increased revenue for the government on his programs, such as a tax credit to help "some" homeowners pay mortgages and subsidies for child care and drugs, the Fox report said.
The top tax rate paid on capital gains explodes to 49.9% under Biden's plan, and he would double the taxes American companies pay on foreign income.
The foundation noted, "Our economic estimates likely understate the effects of the budget since they exclude two novel and highly uncertain yet large tax increases on high earners and multinational corporations, namely a new minimum tax on unrealized capital gains and an undertaxed profits rule (UTPR) consistent with the OECD/G20 global minimum tax model rules."
via madpatriotnews