If a series of proposed changes to the tax system, including a 25% corporate tax rate, were passed, 1 million jobs would be lost in the first two years, according to a new NAM study.
The data: The analysis—an update to NAM research released in April—considered a range of tax proposals that would change the tax system put into place by the 2017 Tax Cuts and Jobs Act. These included:
- A corporate tax increase from 21% to 25%;
- A reinstatement of the corporate alternative minimum tax;
- An immediate end to expensing of most investments in depreciable assets, to be replaced by the modified accelerated cost recovery system;
- An immediate repeal of the 20% deduction for certain pass-through business income;
- The taxation of capital gains and dividends at the same rate as ordinary income for taxpayers with incomes above $1 million, and the taxation of unrealized capital gains at death; and
- An immediate increase in the top individual tax rate from…