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April 09, 2021
Joe Biden's Insane Tax Hike Will Cost Americans One Million Jobs: Study
When Donald Trump took office, corporate taxes were at 35%. Trump lowered them to 21%. It resulted in an awesome economy with the best job numbers of our lives. Lower taxes equal more jobs. Follow? Joe Biden wants to hike corporate taxes to 28%, plus hike a bunch of additional taxes. If cutting taxes creates jobs, what do you think hiking taxes does? If you guessed kill jobs, economists at Rice University have some bad news for you. You're right. To the tune of ONE MILLION JOBS.
According to their study "Tax Increases Cause Major Job Losses, Harm U.S. Economy," which could also have been called "Obvious Things Happen Obviously," here's what we have to look forward to:
Total employment, measured by hours worked, would fall by 0.7% initially before moderating.
The reduction in hours worked would be equivalent to an employment decline of approximately 1 million full-time jobs in 2023.
The average annual reduction in employment would be equivalent to a loss of 600,000 jobs each year over 10 years.
Ordinary capital, or investments in equipment and structures, would be $80 billion less in 2023 and $83 billion and $66 billion less in 2026 and 2031, respectively.
Real wages would fall by 0.6% in the long run, and total labor compensation, including wages and benefits, would decline by 0.6
Not that Joe Biden doesn't have an affection for killing jobs. Just ask the pipeline workers who found themselves unemployed a week after Biden became president. And if you want to believe any jobs killed will be replaced with good-paying government jobs paid for via the tax hikes, you're welcome to believe that. You can also believe that unicorns are real, our president isn't the victim of senior abuse, and Epstein really killed himself.
But math is math. If you make it harder for people to do business, it makes it harder for people to stay in business. Also, harder for them to create businesses and jobs. Also, harder for people to keep jobs in those businesses. It basically sucks for everyone who isn't a Biden ally getting their taste.
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