Kamala Harris' tax plan could cost US nearly 800K jobs (msn.com) Overall, the Tax Foundation analysis finds a loss of 786,000 full-time equivalent jobs over the long run under Harris' plan when compared to baseline projections, as well as 2% decline in long-run GDP and a 1.2% dip in long-run wages, while bringing in nearly $1.7 trillion in additional tax revenue over the next decade. "Similar to the president's proposals, we find that it would reduce the long-term growth of the economy, it would reduce American incomes relative to where they would otherwise be, and it would lose, rounding up, close to 800,000 jobs in the long-run," Garrett Watson, senior policy analyst and modeling manager at the Tax Foundation, told FOX Business in an interview. 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. Those combined policies would have the largest negative impact on the labor market of the policies in the Tax Foundation's analysis, and would also reduce gross domestic product (GDP) by 0.5%. Though other Trump policies would create jobs, such as making the Tax Cuts and Jobs Act's policy changes permanent for individuals (+792,000 jobs) and businesses (+115,000 jobs), the tariffs and foreign retaliation against them (-362,000 jobs) would lead to a net cost of 387,000 jobs, according to the Tax Foundation's analysis. I'm surprised it's not more
In his speech at the Democratic convention, Bill Clinton pointed out that Democratic administrations have created 51 milking jobs and GOP administrations 1 million. The time frame was long; I just don’t remember it. Either since 1950 or 50 years. We always hear these threats about Dem tax proposals and they never materialize. Like the Inflation Reduction Act. Which worked— participatory with respect to our self sufficiency in the energy sector. The GOP cuts taxes in the wealthy in the guise the guise of trickle down job creation. Of course, it doesn’t work because businesses want to reduce costs, not increase them just because more money is accessible to their owners. Demand creates jobs to meet the demand, which is why we want consumers at in the middle class to have more money and lower taxes.
