One million jobs would be lost in the first two years if the corporate tax rate increased to 28 percent and other policies went into effect, according to a new study from the National Association of Manufacturers (NAM).

NAM, in a study conducted by Rice University economists, calculated the impact of increasing the corporate tax rate to 28 percent, increasing the top marginal tax rate, repealing the 20 percent pass-through deduction, and eliminating certain expensing provisions.

Biden’s proposed $2.25 trillion infrastructure package would increase the corporate tax rate to 28 percent and establish a minimum global tax. The 2017 GOP tax law lowered the corporate tax rate from 35 percent to 21 percent.

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The NAM study found that global domestic product (GDP) would be down by $117 billion by 2023, $190

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