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Businesses to Biden: Tax Hikes Will Destroy Good-Paying Jobs

April 09, 2021

While top Biden officials have kept fact checkers busy this week with misleading claims about their ‘infrastructure bill’ (see here and here), one new study shows Biden’s tax hikes could destroy 1 million jobs in the first two years.

One company even warned that Biden’s higher tax bill would threaten $5 billion in annual spending on capital and R&D.

That’s not all. Speaker Pelosi and Majority Leader Schumer – who cast themselves as champions of blue-collar Americans – are pushing a special tax break for the wealthy by repealing the SALT cap. JPMorgan Chase CEO Jamie Dimon slammed the progressive carveout, saying:

“Take, for instance, five states (California, Connecticut, Illinois, New Jersey and New York) that continue to fight for unlimited state and local tax deductions (because those five states reap 40% of the benefit) even though they are aware that over 80% of those deductions will accrue to people earning more than $339,000 a year.”

Here’s the reality Democrats ignore:

Biden’s tax hikes will push good-paying jobs overseas.

  • Thousands of companies moved overseas during the Obama-Biden administration.
  • After Republican tax reform, companies – and the jobs they create – came back to the United States.

Biden’s tax hikes will hurt American workers.

  • Nonpartisan congressional budget scorekeepers estimate that workers will bear about 25 percent of the Biden tax increase, while other economic experts estimate that share will be much higher. Some say it could be 50 percent, while others project it could be as high as 70 percent.

Biden’s tax hikes will result in lower wages and less growth.

  • According to the Tax Foundation, Biden’s tax hikes alone will eliminate 159,000 jobs and reduce wages by 0.7 percent.