Biden’s Tax Hike Would Lead To Job Losses

Joe Biden's proposed corporate tax hike would result in the immediate loss of approximately 1 million jobs. 

President Trump stood with American workers and cut their taxes. The Tax Cuts and Jobs Act, the largest tax reform package in history, benefited the working and middle classes the most. Filers earning less than $50,000 a year saw a tax cut of up to 26%, while filers earning less than $100,000 saw a tax cut of up to 17%.

• 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 ten years.

• President Trump’s 2017 Tax Cuts and Jobs Act loweredthe United States’ corporate tax rate from 35%—the then-highest tax rate of all developed OECD nations—to 21%, bringing the combined tax rate more in line with other OECD nations and making American companies far more competitive.

• 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. 

• One-third of the burden of a 28% corporate tax rate would fall on workers, through job losses and decreased wages.