JOB KILLER: Manchin-Schumer bill could cut 30,000 jobs, analysis shows
Michael Lee Strategy founder Michael Lee, Horizon Investments CIO Scott Ladner and Harris Financial Group managing partner Jamie Cox discuss the markets ahead of the July jobs reports release on Friday and the latest inflation readings.
Findings from the Tax Foundation, a nonpartisan group that advocates for lower taxes, show the initiative could eliminate roughly 30,000 full-time positions from the. It would also reduce average after-tax incomes for taxpayers across every income bracket over the long-term. The initiative, repackaged by Democrats as the Inflation Reduction Act of 2022, would raise an estimated $739 billion over the next decade by increasing IRS funding, establishing a 15% minimum corporate tax targeting companies' book income, allowing Medicare to negotiate prescription drug costs and closing a popular tax loophole used by private equity and hedge fund managers.
"This is the action the American people have been waiting for. This addresses the problems of today — high health care costs and overall inflation — as well as investments in our energy security for the future," Biden said July 27 in a statement.
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