Researchers from the Hoover Institution predict that Biden’s plans would diminish employment by 4.9 million individuals, trim GDP by $2.6 trillion, and lower consumption by $1.5 trillion in 2030.
The average household income in 2030 would be $6,500 less. There are three central pillars of the plan that will lead to these predicted economic outcomes, including more data needed for electricity output due to proposals to cut carbon emissions, expanding the Affordable Care Act and raising taxes on corporate income.
The Biden agenda includes a program to reduce carbon emissions to zero by 2035.
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As previously reported by Fox News, in addition to individual income tax hikes on selves earning more than $400,000, the president-elect wants to increase the corporate tax rate to 28% from 21%.
Small business confidence has fallen to an all-time low after the election of Biden, according to the Q4 CNBC|SurveyMonkey Small Business Survey.
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With a confidence index reading of 48, Main Street’s outlook is now below where it was during the second quarter of this year (49) when lockdowns across the nation were progressing amid the first wave of Covid-19. That Q2 number had been the all-time low previous to the just-completed survey, carried Nov. 10 to Nov. 17 among more than 2,200 small business owners nationally, using the SurveyMonkey platform.
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Since CNBC began conducting the survey in 2017, the confidence index reached as high as 62 and had never dipped below the mark of 50 until 2020. While another surge in coronavirus cases continues to hit Main Streets across the nation, and a lack of progress on stimulus talks in Washington, D.C. increases the issues faced by small business owners, key questions in the confidence index relate to the Main Street outlook on taxes and regulation, and the responses from small business owners are skewed heavily by their political leanings — the small business demographic overall has a conservative skew. According to SurveyMonkey, approximately 60% of small business owners identify as Republicans.
Biden has reeled three Democratic representatives from the House to serve in his administration, leaving the party with a delicate 219-member majority.
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In the Senate, two Georgia runoff races will conclude whether Republicans keep their majority in the chamber. Democratic candidates Jon Ossoff and Rev. Raphael Warnock would both need to win their races to effectively lock the chamber in a 50-50 tie, which means Vice President-Elect Kamala Harris would cast the tie-breaking vote when necessary.
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The Hoover’s Institution’s read is just one of many predictions that have been put out about Biden’s economic and tax plans, all of which have had different results.
The Penn Wharton Budget Model, for example, projects his agenda would have little effect on GDP.
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