A new study released by The Tax Foundation revealed that tax hikes endorsed by leading Democratic presidential candidates would eliminate up to 413,000 jobs.
November 18, 2019
Tax Hikes Proposed By Leading 2020 Democrats Would Eliminate Up To 413,000 Jobs, According to New Study
A new study released by The Tax Foundation revealed that tax hikes endorsed by leading Democratic presidential candidates would eliminate up to 413,000 jobs.
“Biden’s corporate tax plan will cut the GDP by 1 percent and shave off 187,000 jobs from the U.S. economy. Meanwhile, the tax plan backed by Warren, Sanders, and Buttigieg would leave 413,000 people without work.”
“The Tax Foundation analysis studies the negative economic effect of corporate tax hikes in isolation from how the additional government spending fueled by the higher tax revenue may affect the economy. York said that returning to pre-2017 tax levels will restore corporate tax burdens to exceptionally high levels compared to other advanced industrial countries.”
And this isn’t the only tax increase proposed by leading 2020 Democrats that’s under extreme scrutiny. These findings follow a Wall Street Journal Editorial Board column that exposed the devastating impact of implementing a so-called “wealth tax,” which has already failed in several European states.
In stark contrast, the tax cuts passed by Republicans in 2017 resulted in a historically low unemployment rate, rising wages, and sustained economic growth.