Biden’s tax-hike plan would cost the US economy nearly 800K jobs

Apr 3, 2024 | Political News

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 said.