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

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President Biden's tax-hike plan, outlined in his budget blueprint for fiscal 2025, would reduce economic output by 2.2%, slash wages by 1.6%, and eliminate about 788,000 full-time equivalent jobs, according to the Tax Foundation. The proposed tax increases include a 25% minimum tax rate on households worth over $100 million, raising the capital-gains tax rate, quadrupling the corporate stock buyback tax to 4%, raising the corporate tax rate to 28%, increasing the Medicare tax on wealthy Americans, implementing a global minimum tax on multinational corporations, and closing the carried interest loophole. The tax increases would reduce the federal deficit by about $3 trillion and fund new programs such as a monthly tax credit for homeowners, child care subsidies, and lower prescription drug costs. The corporate income tax proposal is labeled the most harmful, with the budget calling for a corporate tax rate increase to 28% and an increase in taxes on U.S. companies' foreign earnings to 21%. Higher taxes on corporations would trim GDP by 0.9%, wages by 0.8%, and full-time equivalent jobs by 192,000. The proposals are unlikely to gain support in a divided Congress and face rejection from Republicans.

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https://www.foxbusiness.com/economy/bidens-tax-hike-plan-would-cost-us-economy-nearly-800k-jobs