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STUDY: Biden Tax Hike Kills Jobs, Slashes Family Wages Across Income Levels

April 01, 2022

President Biden’s tax hike would slash low- and middle-income earners’ incomes and destroy at least 138,000 U.S. jobs, according to a new study by the nonpartisan Tax Foundation.

This comes after a recent poll found that 62 percent of American families say their incomes can’t keep up with rising prices. In fact, families’ incomes have fallen for seven straight months under President Biden.

Read the Washington Times report on the Tax Foundation study here.

Key Takeaways:

  • Kills Nearly 140,000 Jobs: “President Biden’s proposal to hike the corporate tax rate to 28 percent will shrink the U.S. economy and decimate more than 138,000 jobs over the next decade, found an analysis by the nonpartisan Tax Foundation.”
  • Cuts Wages for Workers Across Income Levels: 
    • Those making less than $19,500 per year would see their after-tax income drop by $550.
    • Those making between $19,500 and $33,100 would see a $1,120 cut.
    • Those making between $33,100 and $50,229 would have their post-tax income shrink by more than $2,000.
    • Individuals making between $50,229 and $80,150 would see a drop of $3,340.
  • Even More Crippling Tax Increases in Biden’s Plan: “The corporate tax hike is only one of only 36 tax increases the White House has proposed in Mr. Biden’s $5.8 trillion budget for this year.”