Former Trump economist projects Biden tax plan would kill 3M jobs

Joe Biden’s tax plan would result in millions fewer employed and a drastic reduction in economic output, according to a new report by President Trump’s former chief economist.

The Democratic nominee’s tax plan would increase average tax rates on both labor and capital income that would in the long run result in 3 million fewer full-time equivalent employees and 4% to 5% less gross domestic product and national income, according to a soon-to-be-published report by Casey Mulligan, former chief economist of President Trump’s Council of Economic Advisers. This would translate to inflation-adjusted GDP being about $8,000 per household per year less in the long run.

“Although Biden asserts that his
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