National, state manufacturing groups voice opposition to proposed corporate tax increase for infrastructure investments Monday, April 12, 2021 10:58 AM Proposed tax increases under consideration in Congress would lead to 1 million job losses in the first two years after implementation and economic harm, according to a study released Friday by the National Association of Manufacturers. The increases include raising the corporate tax rate to 28%.
However, the study, commissioned by NAM last year, does not consider the economic impact that massive infrastructure spending that’s coupled with the proposed tax increase in the American Jobs Plan would have on the U.S. economy, the organization’s chief economist, Chad Moutray, acknowledged. NAM partnered with Rice University economists John Diamond and George Zodrow, to conduct the study.
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Study: Tax Hikes to Cause 1 Million Job Losses by 2023
WASHINGTON New tax increases proposed by President Joe Biden would kill one million jobs and harm the economy, a new study released by the nation’s largest manufacturing association states.
For manufacturers, the tax reform of 2017 was like “rocket fuel” and if the new administration rolls back those reforms, “manufacturing workers will lose out on jobs, growth, and raises,” according to Jay Timmons, president and CEO of the National Association of Manufacturers (NAM).
“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,” Timmons said in a press release.
Raytheon CEO warns Biden corporate tax plan would cost the defense giant $1 billion a year
The chief executive says he’d have to cut back on the company’s investment to make up for the new taxes.
Raytheon operates several facilities in North Texas, including this 500,000-square-foot, three-building office campus in the CityLine development on the Bush Turnpike in Richardson.(KDC)
By Tribune News Service
The chief executive officer of Raytheon Technologies Corp. predicts that President Joe Biden’s proposed corporate tax increase to significantly increase infrastructure spending would force him to cut investment by one-fifth.
In an interview with the Economic Club of Washington, D.C. on Wednesday, CEO Greg Hayes laid out a business argument against the Biden administration’s effort to reshape tax policy and reverse tax legislation enacted in 2017 by a Republican Congress and President Donald Trump.