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 sai
Source: Financial Digest (financialdigest.net)
Biden Tax Hikes Corporations Wealthy Americans U.S. Economy Tax Foundation Economic Output Wages Job Losses Tax Code Spending
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: fox32news - 🏆 547. / 51 Read more »
Source: abc15 - 🏆 263. / 63 Read more »
Source: wjxt4 - 🏆 246. / 63 Read more »
Source: KENS5 - 🏆 608. / 51 Read more »
Source: mercnews - 🏆 88. / 68 Read more »
Source: washingtonpost - 🏆 95. / 72 Read more »