Kamala Harris' tax plan could cost US nearly 800K jobs

Published On Sep 20, 2024, 6:00 AM

Vice President Kamala Harris' tax plan could result in a loss of nearly 800,000 jobs, according to a Tax Foundation analysis. The plan encompasses various tax increases and credits, primarily based on President Biden's budget. The analysis indicates that the plan would lead to a 2% decline in long-run GDP and a 1.2% decrease in long-run wages while generating about $1.7 trillion in additional tax revenue over the next decade. Key features of the plan include raising the corporate tax rate, increasing investment taxes, and expanding tax credits, all of which are predicted to have negative impacts on job creation and overall economic growth.

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Stock Forecasts

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Negative

Given the projected job losses and the overall negative impact on economic growth from Harris' tax proposals, companies sensitive to tax increases, such as those in the manufacturing and retail sectors, could see headwinds. Investors might want to approach stocks like Amazon (AMZN) and Walmart (WMT) cautiously as they may face pressure from reduced consumer spending and higher operational costs due to tax burdens.

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Positive

Conversely, firms in the renewable energy sector, which may benefit from increased funding and investments from government programs under the Harris plan, might see positive growth. Stocks like NextEra Energy (NEE), which focuses on renewable energy, could attract investor interest as they align well with the government's emphasis on clean energy.

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