Biden Tax Rate Hikes Would Lead to Job Losses: NAM Study

April 8, 2021, 9:02 AM

About 1 million jobs would be lost in two years if President Biden went through with his tax changes, including plans to increase the corporate tax rate to 28%, according to a study released by the National Association of Manufacturers Thursday.

  • The study, conducted by Rice University economists John Diamond and George Zodrow, assumed a repeal of the 20% deduction for pass-through businesses, an increase in the top individual income tax rate to 39.6%, and taxation of capital gains and dividends as ordinary income for those earning more than $1 million.
  • The Biden administration is pursuing changes in the tax...

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