Study: Biden’s American Jobs Act Will Cause Household Income to Decline by $1,650

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Pres­i­dent Biden is tout­ing his new $2.3 tril­lion+ spend­ing plan as a boon to work­ers, even dub­bing it the “Amer­i­can Jobs Act.” But there’s rea­son to believe that a key pro­vi­sion in Biden’s plan would result in a siz­able drop in income for mil­lions of Amer­i­can families.
The pres­i­dent wants to pay for his mul­ti-tril­lion-dol­lar spend­ing pro­pos­al in part by rais­ing the cor­po­rate tax rate from 21 per­cent to 28 per­cent. A new study from the con­ser­v­a­tive-lean­ing Her­itage Foun­da­tion finds that this tax increase on “Big Busi­ness” would ulti­mate­ly be borne in large part by work­ers. Her­itage macro­econ­o­mist Park­er Shep­pard projects …

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