the staff of the Ridgewood blog
Ridgewood NJ, millions of jobs that will be created by all the government spending , what the press and politicos are avoiding is the jobs massive tax increases will cost the economy?
In the latest Committee to Unleash prosperity white paper, issued jointly with the Texas Public Policy Foundation and authored by PhD economist Erwin Antoni, they found and some would say stated the obvious :
The cost of the Biden Build Back Better plan spread across two bills, will reach $6.2 trillion over the next decade.
The higher tax rates on corporate income, small business income, capital gains, and so on will raise the cost of capital and reduce national investment and the capital stock. This particularly bad for New Jersey . Legislation pending in Congress, with President Biden’s support, would place New Jersey’s business taxes as the highest in the world. Yes you read that right New Jersey’s taxes would be the: Highest Business Taxes In The World.
Compared to baseline growth the negative impact of these taxes over the next decade, will result in 5.3 million fewer jobs, $3.7 trillion less in GDP, $1.2 trillion less in income, and $4.5 trillion in new debt.