President Biden's big government legislative agenda will kill 5.3 million jobs and generate $4.5 trillion in debt, according to a Monday study by the Texas Public Policy Foundation.
Biden's legislative agenda will additionally cost American families a combined $1.2 trillion in reduced income via tax increases to pay for the costly package, the study reveals.
Arizona, where Sen. Kyrsten Sinema resides and who is opposed to much of Biden's massive tax and spending, will absorb $97 billion of the cost and the destruction of 115,000 jobs.
Top marginal income tax rates with federal, state, and local taxes are over 65%. Corporate tax rate up by a quarter to 26.5% for third highest combined rate of 30.9% in OECD. Marginal tax rate increase of 13 percentage points on some households.
Capital gains tax rate up by 25%. Marginal income tax rate on some small businesses raised by 24%. Multiple severe marriage penalties are imposed.
Capital gains tax rate increased, unrealized gains taxed at death, death tax increased, and step-up basis eliminated.
International tax rate hikes reduce full-time employment by 12,000 jobs.
Monday, September 27, 2021
Study: Biden's Legislative Agenda to Kill 5.3M Jobs, Generates $4.5T Debt
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