The plans introduced by most 2020 Democratic presidential candidates to maintain solvency for government entitlement programs would ultimately lower wages for American workers, a study found.
The Tax Foundation, a right-leaning think tank based in Washington, D.C., released a study Tuesday finding that most of the plans pushed by the current crop of Democratic presidential candidates would stifle economic growth and lead to lower wages for workers. Namely, the study found that their proposals to raise payroll taxes to shore up Social Security would result in reduced income for the U.S. workforce.
“Five major Democratic presidential candidates favor changes to the structure and rates of existing payroll taxes levied on wages,” read an excerpt from the study. “An increase in the payroll tax rate or the payroll tax base results in lower wages for workers, as payroll taxes are fully borne by labor.”
“This results in lower economic growth and lower after-tax incomes, ranging from a drop in economic output from -0.28 percent for [former Vice President Joe] Biden’s proposal to -1.17 percent for [Vermont Sen.] Sanders’ combined payroll tax proposals,” it continued.
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