Stringfellow Hawk
Member
Democrats
' newest spending bill could reduce workers' wages: analysis
Democrats are selling their newest social spending bill as a panacea for the ailing economy as it confronts crippling inflation, but a new analysis shows the legislation could actually cost tens of thousands of Americans their jobs.
Findings from the Tax Foundation, a nonpartisan group that advocates for lower taxes, show the initiative could eliminate roughly 30,000 full-time positions from the U.S. economy. It would also reduce average after-tax incomes for taxpayers across every income bracket over the long-term.
"By reducing long-run economic growth, this bill may actually worsen inflation by constraining the productive capacity of the economy," the analysis said.
The initiative, repackaged by Democrats as the Inflation Reduction Act of 2022, would raise an estimated $739 billion over the next decade by increasing IRS funding, establishing a 15% minimum corporate tax targeting companies' book income, allowing Medicare to negotiate prescription drug costs and closing a popular tax loophole used by private equity and hedge fund managers.
https://www.foxbusiness.com/economy...could-eliminate-30000-jobs-new-analysis-shows
' newest spending bill could reduce workers' wages: analysis
Democrats are selling their newest social spending bill as a panacea for the ailing economy as it confronts crippling inflation, but a new analysis shows the legislation could actually cost tens of thousands of Americans their jobs.
Findings from the Tax Foundation, a nonpartisan group that advocates for lower taxes, show the initiative could eliminate roughly 30,000 full-time positions from the U.S. economy. It would also reduce average after-tax incomes for taxpayers across every income bracket over the long-term.
"By reducing long-run economic growth, this bill may actually worsen inflation by constraining the productive capacity of the economy," the analysis said.
The initiative, repackaged by Democrats as the Inflation Reduction Act of 2022, would raise an estimated $739 billion over the next decade by increasing IRS funding, establishing a 15% minimum corporate tax targeting companies' book income, allowing Medicare to negotiate prescription drug costs and closing a popular tax loophole used by private equity and hedge fund managers.
https://www.foxbusiness.com/economy...could-eliminate-30000-jobs-new-analysis-shows