Business Leaders Warn Biden Tax Hikes Will Lead To ‘Widespread Job Losses, Slower Growth and Wage Stagnation’

House Democrats laid out their plan to pay for Joe BIden’s reckless $3.5 trillion tax and spending spree with $2.9 trillion in new taxes. The proposed rate increases on income, capital gains and corporations would be the largest tax hike since 1968.

Business groups are warning that the massive tax hikes would devastate the American economy. The National Association of Manufacturers calculated that 1 million jobs would be lost in just two years under Democrats’ proposed corporate tax rate and said that “few policies would stall our recovery faster.” Jay Timmons, the association’s CEO, wrote that “there will be no avoiding widespread job losses, slower growth and wage stagnation.”

Fox Business: The Business Roundtable, a group representing dozens of major companies. . . warned the tax proposal was a “step backward for the U.S. economy that will harm all Americans – not just corporations and the wealthy.”

“These measures would put millions of American jobs at risk, stunt wage growth, suppress business investment and innovation and once again make American companies more susceptible to foreign takeovers,” the group said in a statement.

Agriculture, energy and pharmaceutical industry organizations cautioned that higher taxes and government price-setting would kill America’s competitive advantage, leading to higher prices and less innovation. The U.S. Chamber of Commerce promised to “do everything we can to prevent this tax raising, job killing reconciliation bill from becoming law”

Bottom Line: Working Americans will pay the price for Joe Biden and the Democrats’ reckless tax and spending spree through inflation, stagnant wages and lost jobs.