Increasing taxes on American businesses could hurt millions of American workers and stifle economic investment and competitiveness. Our economy is recovering, but still vulnerable—proposed tax hikes could hurt job creation and result in 1 million lost jobs.
Why is it important?
- 1 million jobs could be lost: Studies show that tax hikes on businesses and other tax increases under consideration in Washington could lead to 1 million fewer jobs in just the first two years.
- New taxes could slow down economic investment: Tax hikes on businesses could slow America’s economic recovery – decreasing the country’s GDP by $117 billion by 2023. Higher taxes could also discourage approximately $80 billion worth of investments that are associated with expansion and new products, which provide jobs and economic opportunity.
- Stand up for American energy: On average, the energy industry already contributes $70 million per day to the federal government in taxes and other fees, more than most other industries. Instead of imposing higher taxes on businesses, the government should enact pro-business policies that would allow the energy industry to continue supporting millions of American jobs and create a tax structure that encourages energy investment.
- Support U.S. workers: Studies show that labor – union and non-union alike – could shoulder approximately 70% of the burden of increased taxes on businesses.