Study: Biden’s Corporate Tax Hike Will Cost 1 Million Jobs
President Biden’s $2.25 trillion infrastructure package, which would raise the federal corporate tax rate to 28% from 21%, would hurt the U.S. economy and result in one million jobs lost within two years, according to a new study from the National Association of Manufacturers (NAM) conducted by Rice University economists. The study estimates that Biden’s infrastructure plan will result in a GDP loss of $117 billion by 2023, $190 billion in 2026, and by $119 billion in 2031. The study estimates, “The reduction in hours worked would be equivalent to an employment decline of approximately 1 million full-time jobs in