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Biden’s Tax Hike Could End 1M Jobs

Mar 25, 2024

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Former President Donald Trump said Monday that a proposal by President Joe Biden to raise the corporate tax rate would potentially lead to the loss of more than 1 million jobs.

CNBC reported that Biden is looking to raise the corporate tax rate from 15% to 21%, as well as raising the overall tax rate to 28% in the 2025 fiscal year, according to CNBC. “Raising the corporate tax rate to 28% would result in an immediate loss of approximately 1 million American jobs over the first two years, and 600,000 jobs every year over the next 10 years,” the Trump campaign wrote on their website.

“Raising the federal corporate tax rate to 28% would increase the combined state and federal corporate tax rate in the United States to 32.8%, one of the highest in the world and three times as much as our biggest competitor, China,” it continued. (LEARN MORE: 55% Know Biden’s Policies Will Make Economy Worse)

Job Losses In A Failing Economy

Biden’s inflation and economic crisis have led to more and more Americans needing to get second jobs to survive the cost of living, according to USA Today. (LEARN MORE: Biden’s Economy Brings Misery To Men)

Some 8.4 million added second jobs to their daily lives by October 2023. Biden’s policies are hurting women more than men, with 5.9% of women working multiple jobs as of six months prior to writing. Experts agree that the reason we’re having to work harder for less under the current administration is because of inflation. Inflation has outpaced wage growth. (LEARN MORE: Voters Lose Confidence In Biden Over Soaring Consumer Prices)

“Paying for necessities has become more of a challenge, and affording luxuries and discretionary items has become more difficult, if not impossible for some, particularly those at the lower ends of the income and wealth spectrums,” Bankrate senior economic analyst Mark Hamrick told NBC.

The Economy Needs To Be Fixed

There are ways to mitigate the ongoing crisis within the American economy, but this does not appear to be a priority for your leadership. You can change that today by telling your lawmakers that your vote and support depend on them fixing this problem.

Did you know that you, your family, and friends can send letters directly to your elected officials today? We can tell your leaders what you want from their time in office, and what you expect from our federal government. Letter-writing campaigns, or even just a single letter, can be enough to sway policy. We can send that letter to you right away!

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