U.S. Could Lose Millions of Jobs if Biden’s Tax Increases Pass

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With Joe Biden in office as president, the American public is getting a firsthand look at just how dangerous and disastrous his policies truly are.

During the Democrat president’s very first day in the Oval Office, he killed thousands of union jobs with an executive order that shut down Keystone Pipeline.

“Fortune Brainstorm Health 2017” (CC BY-NC-ND 2.0) by Fortunebrainstormhealth

Just yesterday, Biden also ordered the Justice Department to violate the U.S. Constitution by infringing on Second Amendment rights. According to the current president, there is supposedly “no amendment” in the Constitution that’s absolute. 

Now, Biden is in the middle of working to raise taxes on corporations and individuals. However, a National Association of Manufacturers study has shown that Biden’s tax increases could cause the U.S. economy to lose millions of jobs, as reported by Breitbart News

The National Association of Manufacturers on the Biden Tax Hike

Yesterday, the National Association of Manufacturers (NAM) released a study explaining the immediate and long-term harm that Biden tax increases would have on America’s economy; it’s also important to note that this harm would be exacerbated by Biden revoking pro-manufacturing policies from the Trump era. 

After the 2017 Tax Cuts and Jobs Act, the manufacturing sector managed to hire new workers, increase benefits and salaries, and see their communities thrive from investments. All this will change quickly if President Biden gets his way.

According to NAM, Biden’s tax hikes would engender the loss of benefits and wages; furthermore, a higher corporate tax rate of 28%, the end of expensing provisions, and treating capital gains as typical income for individual earners of over $1M would result in one million jobs lost in just two years. 

It goes without saying that if Biden’s policies pass and remain in effect for substantial amounts of time, the impacts will worsen as time goes on. By 2023, structures and equipment investments would drop by 80%; by the year of 2023, the GDP would also drop by $117 billion. 

A Pattern of Fiscal Irresponsibility 

Biden continues to prove himself as one of the most fiscally irresponsible presidents America has ever had. At every turn, the public learns about the horrific impacts that his policies would have on the very individuals he professes to be helping. 

The pattern of fiscal irresponsibility from this president is why it is so critical for Republicans to take back control of at least one congressional chamber. America is in a very precarious spot right now, with Democrats controlling the White House and both congressional chambers simultaneously. 

What do you think about the National Association of Manufacturers’ study showing the danger of Biden’s tax hike? Let us get your thoughts in the comments section below.