Biden's corporate tax rate hike could kill millions of jobs, business group's study finds
New research from the US National Association of Manufacturers found that about one million jobs would be lost in the first two years if the corporate tax rate increased to 28% and other policies went into effect.
The study , which was conducted by Rice University economists for the NAM, calculated the impact of increasing the corporate tax rate. It said that global domestic product would be down $117 billion by 2023, $190 billion in 2026, and $119 billion in 2031.
Under the plan, announced by the US Treasury Department, the corporate tax rate could be raised to 28% from the current 21%. The Biden administration said the increase would bring America's corporate tax rate more closely in line with other advanced economies and reduce inequality. It would also remain lower than it was before the 2017 Trump tax cuts, when the rate stood at 35%.
If Congress rolls back 2017 tax reform, 1 million jobs will be lost over the next two years. Our latest study breaks down job losses and economic harm from the...
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