Biden Pushes New Tax Plan That Would Kill 788,000 American Jobs

 MONEY POLITICS U.S. WND NEWS CENTER

WND

Dem's proposal would push top rate on capital gains to 49.9%

By Bob Unruh
Published April 3, 2024 at 1:56pm

A report from the Tax Foundation is warning that Joe Biden's newest plans for higher taxes on corporations and rich Americans would cost the jobs of 788,000 people.

Fox News says the foundation assessment of Biden's plans confirms he would reduce economic output by 2.2%, slash wages 1.6% and cost those hundreds of thousands of "full-time equivalent jobs."

The Tax Foundation explained Biden 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."

It's already been reported Biden is demanding a 25% minimum tax rate on households worth more than $100 million, much higher capital-gains tax rates, to explode the corporate stock buyback tax by 400%, to raise the corporate income tax rate to 28%, and that some Americans pay more for Medicare tax and more.

Get the hottest, most important news stories on the Internet – delivered FREE to your inbox as soon as they break! Take just 30 seconds and sign up for WND's Email News Alerts!

He wants to spend much of the increased revenue for the government on his programs, such as a tax credit to help "some" homeowners pay mortgages and subsidies for child care and drugs, the Fox report said.

Will higher corporate taxes kill jobs?

Yes No 

Completing this poll entitles you to WND news updates free of charge. You may opt out at anytime. You also agree to our Privacy Policy and Terms of Use.

The top tax rate paid on capital gains explodes to 49.9% under Biden's plan, and he would double the taxes American companies pay on foreign income.

The foundation noted, "Our economic estimates likely understate the effects of the budget since they exclude two novel and highly uncertain yet large tax increases on high earners and multinational corporations, namely a new minimum tax on unrealized capital gains and an undertaxed profits rule (UTPR) consistent with the OECD/G20 global minimum tax model rules."

For 25 years, WND has boldly brought you the news that really matters. If you appreciate our Christian journalists and their uniquely truthful reporting and analysis, please help us by becoming a WND Insider!

Content created by the WND News Center is available for re-publication without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@wndnewscenter.org.

SUPPORT TRUTHFUL JOURNALISM. MAKE A DONATION TO THE NONPROFIT WND NEWS CENTER. THANK YOU!