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

President Biden has pitched an array of tax hikes targeting corporations and wealthy Americans, but the steeper levies could weigh on the already-fragile U.S. economy, according to the Tax Foundation. 

Findings from the Tax Foundation, a group that advocates for lower taxes, found the higher taxes laid out in Biden's sweeping budget blueprint for federal spending in fiscal 2025 would reduce economic output by 2.2% in the long run, slash wages by 1.6% and kill about 788,000 full-time equivalent jobs.

The policies outlined in the plan would "make the tax code more complicated, unstable, and anti-growth, while also expanding the amount of spending in the tax code for a variety of policy goals not related to revenue collection," the report said.

Joe Biden by Lisa Ferdinando is licensed under CC BY 2.0
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