The Tax Foundation warns that President Biden's proposed tax hikes targeting corporations and wealthy Americans could have a negative impact on the already-fragile U.S. economy. According to their findings, the higher taxes outlined in Biden's budget blueprint for fiscal 2025 would reduce economic output, slash wages, and result in job losses. The Tax Foundation also criticizes the plan for making the tax code more complicated and expanding spending for non-revenue related policy goals.
President Biden has pitched an array of tax hikes targeting corporations and wealthy Americans, but the steeper levies could weigh on the already-fragile U.S. economy, according to the Tax Foundation . Findings from the Tax Foundation , a group that advocates for lower taxes, found the higher taxes laid out in Biden 's sweeping budget blueprint for federal spending in fiscal 2025 would reduce economic output by 2.2% in the long run, slash wages by 1.
6% and kill about 788,000 full-time equivalent jobs. The policies outlined in the plan 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," the report sai
Biden Tax Hikes Corporations Wealthy Americans U.S. Economy Tax Foundation Economic Output Wages Job Losses Tax Code Spending
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