Although they will deny it this is exactly what the left wants. The goal is ultimately to destroy the current economic system by forcing ever increasing social costs while imposing regressive taxation policies and repressive regulations which will cause a catastrophic contraction in the economy. In other words we are sewing the seeds of a Great Depression that will make the 1930’s seem like boom years.
NAM President and CEO Jay Timmons summarized the studies findings: “After decades of advocating for a tax system that provided competitive rates and modern international tax provisions, manufacturers in America kept our promises following the enactment of the 2017 tax reforms: we raised wages and benefits, we hired more American workers, and we invested in our communities. If we undo those reforms, all of that will be put at significant risk. Manufacturing workers will lose out on jobs, growth and raises. We should be building on that progress, not rolling it back. But the conclusion of this study is inescapable—follow through with tax hikes that give other countries a clear advantage and we’ll see far fewer jobs created in America.” The study, authored by Rice University economists John W. Diamond and George R. Zodrow, calculated the effects of increasing the corporate tax rate to 28%, increasing the top marginal tax rate, repealing the 20% pass-through deduction, eliminating certain expensing provisions, and taxing capital gains as ordinary income for individuals earning $1 million or more. They found that the U.S. would lose one million jobs in the first two years, GDP would be $117 billion lower by 2023, and ordinary capital, or investments in equipment and structures, would be $80 billion less in 2023.Study: Biden Tax Hikes Will Cost 1 Million Jobs in First Two Years