{"id":565463,"date":"2021-06-16T12:36:58","date_gmt":"2021-06-16T16:36:58","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=565463"},"modified":"2021-06-16T12:37:03","modified_gmt":"2021-06-16T16:37:03","slug":"analysts-bidens-massive-6-trillion-budget-will-cut-economic-growth-by-1-over-next-decade","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/analysts-bidens-massive-6-trillion-budget-will-cut-economic-growth-by-1-over-next-decade\/","title":{"rendered":"Analysts: Biden\u2019s Massive $6 Trillion Budget Will Cut Economic Growth By 1% Over Next Decade"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fanalysts-bidens-massive-6-trillion-budget-will-cut-economic-growth-by-1-over-next-decade%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=565463&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/Joe-Biden-2-2.jpg?w=1200&#038;h=800&#038;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\"  style=\"display:none\"><\/div>\n<p><span>Researchers found that President Biden\u2019s first budget proposal would reduce economic growth by 1% over the next decade.<\/span><\/p>\n<p><span>The Tax Foundation \u2014 a nonprofit that produces analysis to inform \u201csmarter tax policy at the federal, state, and global levels\u201d \u2014 concluded that Biden\u2019s $6 trillion <\/span><a href=\"https:\/\/www.dailywire.com\/news\/5-things-you-need-to-know-about-bidens-latest-budget-proposal\"><span>budget<\/span><\/a><span> proposal would cut long-run output growth and result in fewer jobs. The budget incorporates key tenets of the <\/span><a href=\"https:\/\/www.dailywire.com\/news\/nonpartisan-economists-say-bidens-infrastructure-plan-will-decrease-economic-growth\"><span>American Jobs Plan<\/span><\/a><span> and <\/span><a href=\"https:\/\/www.dailywire.com\/news\/bidens-american-families-plan-is-far-from-a-new-deal-economic-boon\"><span>American Families Plan<\/span><\/a><span>, as well as other discretionary spending items.<\/span><\/p>\n<p><span>Although the construction of physical infrastructure would facilitate economic growth, the budget\u2019s reliance upon tax hikes would create stress upon employers and employees alike.<\/span><\/p>\n<p><span>The Tax Foundation report <\/span><a href=\"https:\/\/taxfoundation.org\/biden-budget-proposals\/\"><span>reads<\/span><\/a><span>:<\/span><\/p>\n<blockquote readability=\"15\">\n<p><i><span>We estimate that Biden\u2019s spending proposals would increase long-run GDP by 0.3 percent, due to enhanced public infrastructure. However, this positive economic effect is entirely offset by the increase in corporate and individual taxation, resulting in less work and investment, which in combination with the spending reduces GDP by 0.9 percent in the long run, reduces wages by 0.8 percent, and eliminates 165,000 full-time equivalent jobs.<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>Beyond direct employment and output impacts, the Tax Foundation forecasts a 2.5% reduction in the capital stock \u2014 the number of productive assets in the economy.<\/span><\/p>\n<p><span>The Commander-in-Chief\u2019s proposed corporate tax hikes produce the most severe economic effects:<\/span><\/p>\n<blockquote readability=\"10\">\n<p><i><span>Increasing the corporate income tax from 21 percent to 28 percent has the largest negative impact on long-run GDP, followed by imposing a 15 percent minimum corporate book tax, raising capital gains tax rates, and increasing taxes on pass-through business income.<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>In a similar vein, Democrats have recently unveiled multiple proposals to raise taxes for wealthy business leaders. Rep. Thomas Suozzi (D-NY) <\/span><a href=\"https:\/\/www.dailywire.com\/news\/democratic-congressman-wants-patriot-tax-for-wealthy-americans\"><span>suggested<\/span><\/a><span> a \u201cPatriot Tax\u201d that would force Americans to pay a 2.5% tax on wealth above $50 million and a 5% tax on wealth above $100 million.<\/span><\/p>\n<p><span>Biden administration officials are signaling a willingness to leverage federal spending to address social ills.<\/span><\/p>\n<p><span>Upon her confirmation, Treasury Secretary Janet Yellen told staff in a <\/span><a href=\"https:\/\/www.dailywire.com\/news\/despite-skyrocketing-inflation-janet-yellen-will-keep-pushing-for-biden-spending-agenda\"><span>letter<\/span><\/a><span> that policymakers ought to focus on addressing wealth inequality:<\/span><\/p>\n<blockquote readability=\"26\">\n<p><i><span>If you have listened to President Biden speak over the past few weeks, you have heard him talk about \u201cfour historic crises.\u201d COVID-19 is one. But in addition to the pandemic, the country is also facing a climate crisis, a crisis of systemic racism, and an economic crisis that has been building for fifty years.\u00a0<\/span><\/i><\/p>\n<p><i><span>People worry about a K-shaped recovery to the pandemic \u2013 and that is a cause for concern \u2013 but long before COVID-19 infected a single individual, we were living in a K-shaped economy, one where wealth built on wealth while certain segments of the population fell further and further behind.\u00a0<\/span><\/i><\/p>\n<p><i><span>Economics isn\u2019t just something you find in textbook. Nor is it simply a collection of theories. Indeed, the reason I went from academia to government is because I believe economic policy can be a potent tool to improve society. We can \u2014 and should \u2014 use it to address inequality, racism, and climate change.\u00a0\u00a0<\/span><\/i><\/p>\n<\/blockquote>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Researchers found that President Biden\u2019s first budget proposal would reduce economic growth by 1% over the next decade.The Tax Foundation \u2014 a nonprofit that produces analysis to inform \u201csmarter tax &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2280440,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/Joe-Biden-2-2.jpg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"Analysts: Biden\u2019s Massive $6 Trillion Budget Will Cut Economic Growth By 1% Over Next Decade","footnotes":""},"categories":[],"tags":[],"class_list":["post-565463","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/Joe-Biden-2-2.jpg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"Analysts: Biden\u2019s Massive $6 Trillion Budget Will Cut Economic Growth By 1% Over Next Decade","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/565463","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=565463"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/565463\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2280440"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=565463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=565463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=565463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}