The Tax Foundation just released their analysis of Biden's tax plan. The good news for the government is that it will raise an incremental $3.3 trillion over the next decade. Other side of that is that GDP will decrease by almost 2% and a 2% increase in taxes on average for ALL tax brackets, not just those making over $400K. Capital stock will reduce by almost 4%, and 542K full time jobs will be lost from the private sector. This is in alignment with what the Hoover Institute published a couple of weeks ago. Couple this with the $15/Hr national wage increase the CBO estimates that an additional 1.3 million jobs will be lost as employers cut back staffing and increase menu prices to compensate. Many wanted Trump out of office, so don't complain when you are paying up or can't find a job.
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