President Biden’s proposal to hike the corporate tax rate to 28% would shrink the U.S. economy and eliminate more than 138,000 jobs over the next decade, according to an analysis by the nonpartisan Tax Foundation.
In addition to the job losses, the study from 2021 found that the impact of hiking the corporate tax rate from 21% to 28% would cause the nation’s gross domestic product to contract by $720 billion over the next decade.will drag the U.S. back to a time when businesses sent jobs overseas to countries with friendlier rates,” said Sen. Marsha Blackburn, Tennessee Republican. “American jobs should stay here.
“No billionaire should be paying a lower tax than someone working as a schoolteacher or firefighter,” Mr.said in Philadelphia as he announced the spending plan. “My plan is to make sure corporations pay their fair share.” The higher corporate tax hike would also result in cutting wages and income across the board for American workers, according to the
. The study estimated that workers making less than $19,500 per year would see their after-tax income drop by $550.‘s tax hike would negatively affect middle- and upper-class families the most. Taxpayers making between $33,100 and $50,229 would have their post-tax income shrink by more than $2,000. Meanwhile, individuals making between $50,229 and $80,150 would see a drop of $3,340. Those making above $80,150 would see their post-tax income cut by more than $16,400.first made a push to hike the corporate tax rate. Since then, the White House has revived the proposal multiple times, but has failed to secure Congressional approval given GOP opposition within the House and Senate.
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