TAB Opposes President’s Tax Plan

The Texas Association of Business says the state could lose more than 100-thousand jobs if the President’s tax plan advances through Congress. President Biden has proposed increasing the corporate tax rate from 21 to 28 percent and doubling the tax rate on some overseas profits. The Texas Association of Business commissioned a study showing the plan could cost Texas 107,000 direct and indirect jobs. The organization says that would lead to more than $3billion in lost wages and $6 ½ billion dollars in lost output.