The nonpartisan Tax Foundation think tank estimated that Harris’ proposals would shrink the American long-run GDP by 2% and reduce wages by 1.2%, while lowering employment by roughly 786,000 jobs.
Vice President Kamala Harris’ tax proposal would cost the US nearly 800,000 jobs, roughly half as many as former President Donald Trump’s plan, according to a recent analysis.
The nonpartisan Tax Foundation think tank estimated that Harris’ proposals would shrink the American long-run GDP by 2% and reduce wages by 1.2%, while lowering employment by roughly 786,000 jobs.
The Harris economic agenda includes a corporate tax rate hike coupled with up to $50,000 in handouts for small-business startups, $25,000 for first-time homeowners and $6,000 in expanded child tax credits.
The Tax Foundation estimates that would increase taxes by $4.1 trillion over the next decade — but raise only $642 billion in net revenue.
“We find the tax policies would raise top tax rates on corporate and individual income to among the highest in the developed world, slowing economic growth and reducing competitiveness,” the group wrote in its analysis.
