Study: 2020 Dem Tax Hikes Could Eliminate 413,000 Jobs

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The tax hikes endorsed by many Democratic presidential candidates will eliminate up to 413,000 jobs, according to a new analysis.

Former vice president Joe Biden, Sen. Elizabeth Warren (D., Mass.), and other 2020 Democratic hopefuls have pledged to reverse President Donald Trump’s 2017 tax cuts and hike corporate tax rates to as high as 35 percent to fund expensive government programs. Such policies will discourage corporate investment, thereby limiting growth in wages, employment, and productivity, according to an analysis from the Tax Foundation.

“The corporate income tax is the most harmful tax to economic growth, so it shouldn’t be seen as a good option for funding various policy proposals,” Erica York, the economist who compiled the study, told the Washington Free Beacon.

The 2017 tax cuts reduced corporate tax rates from 35 to 21 percent, helping spur a modest economic uptick. That policy has been a top target for Democrats seeking to run against Trump in 2020. Biden has suggested raising corporate tax rates to 28 percent, while Warren, Sen. Bernie Sanders (I., Vt.), and South Bend mayor Pete Buttigieg have advocated for returning the tax rate to 35 percent.

All of those proposals would eliminate jobs and hurt the broader economy, according to the study. – READ MORE

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