A new analysis by the Tax Foundation finds that Vice President Kamala Harris' proposed tax plan could result in a loss of 786,000 full-time equivalent jobs over the long run. The plan, largely based on President Biden's budget, includes various tax increases, cuts, and credits.
Vice President Kamala Harris ' tax plan could cost the U.S. economy nearly 800,000 jobs, a new analysis by the Tax Foundation finds. Harris' tax plan , which contains a variety of tax increases, cuts and credits, is based largely on President Biden's budget — though the vice president has offered her own policy ideas since becoming the Democratic presidential nominee.
That's mostly from both disincentives for work under her plan and for investment, which produces higher incomes and creates jobs," Watson said. Some of the tax policies Harris has outlined to date would have a larger impact on the labor market than others. Raising the net investment tax from 3.8% to 5% and hiking the additional Medicare tax from 0.9% to 2.1% would cost 177,000 jobs.
Taxing unrealized capital gains of more than $5 million at death , and taxing capital gains over $1 million at a 28% rate would cost 75,000 jobs, as well as reducing GDP by 0.2% over the long run. Just one of the policies in the analysis showed a net positive gain in jobs. Exempting tips from federal income taxes would add about 21,000.
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