Vice President Kamala Harris' tax plan could cost the U.S. economy nearly 800,000 jobs, a new analysis by the Tax Foundation finds.
Harris' tax plan, which contains a variety of tax increases, cuts and credits, is based largely on President Biden's budget – though the vice president has offered her own policy ideas since becoming the Democratic presidential nominee.
Overall, the Tax Foundation analysis finds a loss of 786,000 full-time equivalent jobs over the long run under Harris' plan when compared to baseline projections, as well as 2% decline in long-run GDP and a 1.2% dip in long-run wages, while bringing in nearly $1.7 trillion in additional tax revenue over the next decade.
"Similar to the president's proposals, we find that it would reduce the long-term growth of the economy, it would reduce American incomes relative to where they would otherwise be, and it would lose, rounding up, close to 800,000 jobs in the long-run," Garrett Watson, senior policy analyst and modeling manager at the Tax Foundation, told FOX Business in an interview.
