ICYMI via the National Association of Manufacturers:
As Congress and the Biden administration continue to make progress on negotiations to invest in our nation’s failing infrastructure, the National Association of Manufacturers released a new study detailing the short- and long-term damage to the American economy if the corporate tax rate were raised to 25%…The negative consequences would include the following:
- One million jobs would be lost in the first two years.
- The average reduction in employment would be equivalent to a loss of 500,000 jobs per year over the next decade.
- By 2023, GDP would be down by $107 billion, by $169 billion in 2026 and by $89 billion in 2031.
- Ordinary capital, or investments in equipment and structures, would be $70 billion less in 2023 and $70 billion and $51 billion less in 2026 and 2031, respectively.
- And more.
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READ A SUMMARY OF THE STUDY’S FINDINGS HERE
