Study: Biden Corporate Tax Hike Would Cut 159K Jobs

02/26/2021

A new study by the non-partisan Tax Foundation finds that President Biden’s plan to increase the corporate tax rate to 28% would weaken the economic recovery and hurt competitiveness. The report found that the increase would bring the nation’s federal-state combined tax rate to roughly 32% — the highest statutory tax rate in the developed world — and would “reduce long-run economic output by 0.8%, eliminate 159,000 jobs, and reduce wages by 0.7%.” 2/24/2021

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