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Biden’s Corporate Tax Hike Would Cut Jobs, Reduce Wages, Depress Growth: Think Tank

February 24, 2021

President Joe Biden’s plans to raise the corporate tax rate would have a chilling effect on economic growth, depress wages, and lead to job losses, according to the Tax Foundation, a tax policy nonprofit. Biden and congressional lawmakers have proposed several changes to the tax code, including raising the corporate tax rate to 28 percent from the current 21 percent—the level that the Trump administration brought it down to from 35 percent. The Tax Foundation said in a new report released on Feb. 24 that the Biden administration’s plans to hike the tax rate for corporations would eliminate 159,000 jobs, depress wages by 0.7 percent, and reduce long-run economic output by 0.8 percent. A more modest corporate tax increase to 25 percent would lead to 84,200 job losses, see wages fall by 0.4 percent, and squeeze gross domestic product by 0.4 percent, the report found. On the campaign trail, Biden also … Read More

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