President Biden’s tax proposals would decrease the GDP by 0.9 percent and American incomes would fall by an average of 1 percent

the staff of the Ridgewood blog

Ridgewood NJ, according to the Tax Foundation , when combining the economic impact of President Biden’s tax proposals with the benefit of infrastructure spending, we estimate that long-run GDP would decrease by 0.9 percent and American incomes would fall by an average of 1 percent, resulting in 165,000 fewer U.S. jobs. Explore our full analysis to learn more about the major tax changes President Biden is proposing, as well as the estimated long-run economic, revenue, and distributional effects of the president’s tax and spending proposals.