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Reply to "Harris tax plan - raising taxes on high earners"
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[quote=Anonymous]Her campaign has said it supports Biden's tax plan, so we do know details. The plan has been analyzed by a number of people. Here is one: "We estimate the tax changes in the president’s budget would reduce long-run GDP by 1.6 percent, the capital stock by 2.7 percent, wages by 1.1 percent, and employment by about 666,000 full-time equivalent jobs. The budget would decrease American incomes (as measured by gross national product, or GNP) by 1.3 percent in the long run, reflecting offsetting effects of increased taxes and reduced deficits, as debt reduction reduces interest payments to foreign owners of the national debt. Raising the corporate income tax rate to 28 percent is the largest driver of the negative effects, reducing long-run GDP by 0.6 percent, the capital stock by 1.1 percent, wages by 0.5 percent, and full-time equivalent jobs by 128,000." https://taxfoundation.org/research/all/federal/biden-budget-2025-tax-proposals/ [/quote]
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