Vice President Kamala Harris’s tax plan would effectively vaporize nearly 800,000 full-time equivalent jobs, according to studies published by the Tax Foundation Tuesday.
Harris’ proposals, including hiking corporate taxes to be among the highest in the developed world, would lower employment by roughly 786,000 full-time equivalent jobs, and reduce long-run gross domestic product (GDP) and wages by 2% and 1.2% respectively, the Tax Foundation found.
Meanwhile, Trump’s proposals, including a 60% tariff on China, would lower employment by approximately 387,000 full-time equivalent jobs, lower long-run GDP by 0.2% and increase long-run wages by 0.6%.
(RELATED: ‘Mysterious’: Shelter Costs Continue To Surge Under Biden-Harris Administration) “We find the [Harris] tax policies would raise top tax rates on corporate and individual income to among the highest in the developed world, slowing economic growth and reducing competitiveness,” the Tax Foundation study’s authors, William McBride, Erica York, Garret Watson and Alex Muresianu, wrote.
Trump, on the other hand, would seek to extend the 2017 Tax Cuts and Jobs Act which lowered the corporate tax rate from 35% to 21%, and has even proposed implementing a 15% rate for some businesses, according to the Tax Foundation.
“The tax credits and other carveouts would complicate the tax code, run more spending through the IRS, and, together with various price controls, fail to improve affordability challenges in housing and other sectors.” Harris has proposed to increase the corporate tax rate from 21% to 28%, which would make far more business initiatives unprofitable after-tax and not worth undertaking, thereby stymying economic growth, according to the Tax Foundation.
Harris’ tax on unrealized gains could also cause Americans to move their assets abroad in order to avoid the additional tax burden.
https://dailycaller.com/2024/09/11/harris-tax-plan-pulverize-million-full-time-jobs-study/
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