Shocking number of jobs that could be lost if Kamala Harris brings in her tax plan

If Vice President Kamala Harris becomes president and implements her tax plan, it could cost the U.S. economy nearly 800,000 full-time jobs, a new analysis shows.

The Harris plan is largely a continuation of President Joe Biden’s 2025 budget, which would raise taxes on high-income earners, corporations and investors who sell stocks.

Harris is moving away from Biden’s desire to offer a $25,000 tax credit to first-time homebuyers and eliminate the tip tax.

All in all, think tank Tax Foundation believes that in the long term this policy will cause a two percent decline in GDP and a 1.2 percent decline in wages, and will also have a significant impact on employment.

“Like the president’s proposals, we conclude that it would reduce long-term growth in the economy, that it would lower American incomes relative to where they would otherwise be, and that it would cost about 800,000 jobs over the long term,” said Garrett Watson, senior policy analyst and model manager at the Tax Foundation. FOX Affairs.

Garrett Watson (pictured) says Harris’ tax plan creates ‘work disincentive’

“That’s largely because of the discouragement of work under her plan and of investments that generate higher incomes and create jobs,” Watson added.

The foundation claims that only one of its 17 major policy proposals will actually create jobs, and that is eliminating the income tax on tips, an idea first popularized by former President Donald Trump.

According to the analysis, raising the tax on net investment income from 3.8 percent to 5 percent and increasing the Medicare supplemental tax from 0.9 percent to 2.1 percent would cost 177,000 jobs.

Harris wants to make permanent the American Rescue Plan expansion of the earned income tax credit and revive the child tax credit, which provided families $3,600 for each child under 6 but expired in 2021.

Additionally, Harris wants to increase the child benefit for newborns to $6,000.

According to the analysis, these tax breaks for families with children will cost 131,000 jobs.

According to the foundation, Harris’ idea to raise the corporate tax rate from 21 percent to 28 percent is the second-biggest job killer.

That could lead to the loss of 125,000 jobs in the economy, but would also have the biggest impact on GDP.

The Tax Foundation analyzed how Trump’s second-term tax policies could affect the economy and concluded that his plans would lead to a net loss of 387,000 jobs in the long term.

If the top marginal rate for personal income were increased to 39.6 percent for people earning $400,000 as an individual taxpayer or $450,000 as a joint taxpayer, 86,000 jobs would be lost.

Taxing unrealized capital gains of more than $5 million at death (or $10 million for joint tax returns) and taxing capital gains of more than $1 million at a rate of 28 percent would cost 75,000 jobs.

The Tax Foundation also analyzed how a second Trump term’s tax policies could affect the economy.

All in all, his plans would lead to a net loss of 387,000 jobs in the long term.

If Trump succeeds in making permanent the Tax Cuts and Jobs Act, which he signed into law in 2017 and which expires in 2025, it will create a total of 911,000 jobs.

However, Trump’s plan to raise tariffs on China to 60 percent and impose a universal 10 percent tariff on all goods imported into the US would cost 674,000 jobs.