Manchin-Schumer tax hikes would eliminate 30,000 jobs: Report RestoringAmerica
The plan, called the Inflation Reduction Act, would reduce long-run gross domestic product output by about 0.1% and slash roughly 30,000 full-time equivalent jobs in the United States, according to the group.
The U.S. now has a 21% corporate tax rate, which it assesses based on companies’ tax returns. The new plan would assess a minimum 15% tax on the adjusted financial statement income of corporations, something Democrats contend would raise $313 billion in new tax revenue. While the Democratic legislation highlights inflation reduction as a key priority, the new modeling found that while its effect on inflation is particularly uncertain, it would “likely close to zero.”
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