The analysis concludes Biden’s plan would raise $2.8 trillion over the next decade from higher taxes on businesses, corporations and the wealthiest households. Over that time, AEI projects the higher taxes would reduce economic growth by a relatively modest 0.16 percent.

The plan would “make the tax code more progressive,” AEI’s Kyle Pomerlau and Grant Seiter write. And after slightly crimping growth in its first decade, it would “reduce debt-to-GDP in the second decade, leading to slightly higher GDP. However, in the long term, his plan would not raise enough to stabilize debt-to-GDP and would lead to a 0.18 percent smaller economy.”

The macroeconomic drag the AEI model anticipates roughly aligns with other analyses from the Tax Foundation and the Penn Wharton Budget Model, Pomerlau notes. In other words, rolling back most of the Trump tax cuts wouldn’t bring about the economic Armageddon the Trump campaign has depicted.

Neither would it jack up taxes on every American. 

Vice President Pence made that claim during his debate with Sen. Kamala Harris (D-Calif.),  Biden’s running mate, last week. The AEI analysis finds the top 1 percent of taxpayers would see a 14.2 percent hit to their after-tax income next year. The rest of the top 5 percent would face a small uptick in their burden. But everyone else would receive an after-tax income bump. The largest such increase, of 11.3 percent, would go to the bottom 10 percent, thanks to a temporary expansion of the child tax credit, according to AEI.

The analysis finds that starting in 2030, the Biden plan would impose “modest” tax hikes on the bottom 95 percent of earners, which it attributes to higher taxes on businesses. That would appear to violate Biden’s pledge not to raise taxes on anyone earning less than $400,000

MAYFIELD HEIGHTS, Ohio — Nearly 900 residents participated in a survey or focus group answering questions about what is most important to them when it comes to city recreation.

The questioning, which took part over the course of four months, comes in the wake of the springtime passage of Issue 9, the city’s .5-percent income tax increase. The city has earmarked 40 percent of the approximately $5 million the tax increase will generate by 2023, or about $2 million per year, to recreation.

“I’m very, very thrilled,” said Krista Rodriguez, of The Impact Group, which performed the survey, in speaking about the 852 residents who completed a survey on paper or online. “That’s a high number for getting a response rate for a city of your size, and that was very good to see.”

Rodriguez gave results of the survey to City Council during a Committee-of-the-Whole meeting held Monday, Oct. 12.

First discussed were a number of questions pertaining to the city’s stated goal of building a new swimming pool to replace the more than 60-year-old Dragga Pool at City Park. It was found that 77 percent of respondents were aware of the city’s plan for a new pool, as well as its plans to use tax money to upgrade roads, sidewalks and parks. Sixty-two percent said that they do not use the pool at all during the summer, but some stated that their lack of use was attached to the condition of the pool which, among other things, needs regular repairs to cracks at its bottom.

In other responses, 56 percent thought it was very or somewhat important that the new pool has a splash pad; 89 percent favored umbrellas or shaded areas; 69 percent, a water slide; 68 percent, a children’s playground in the water; 63 percent, zero-depth

CHICAGO, Oct 12 (Reuters)A Wisconsin factory hailed by President Donald Trump as proof he was reviving U.S. manufacturing did not create enough jobs in 2019 to earn its owner Foxconn Technology Group tax credits, the state said on Monday, the second year it has missed its targets.

In a letter to the Taiwan-based company’s Vice Chairman Jay Lee, Wisconsin’s economic development agency said Foxconn was a long way away from building the large TV screens it had proposed in 2017, when it promised to eventually create 13,000 jobs in the state.

The Apple Inc AAPL.O supplier’s plans for the Mount Pleasant factory are now unclear, the letter from The Wisconsin Economic Development Corporation (WEDC) said.

The planned $10 billion, 20-million-square-foot campus was hailed by the White House as the largest investment for a brand new location by a foreign-based company in U.S. history.

But for many the factory has become a symbol of failed promises in Midwestern states like Wisconsin that were key to Trump’s 2016 election and are now closely watched swing states in the Republican’s bid to be re-elected on Nov. 3.

Wisconsin’s Democratic Governor Tony Evers, who inherited a deal from his Republican predecessor to give Foxconn $4 billion in tax breaks and other incentives when he took office in 2019, has sought to renegotiate the state’s contract with the firm.

Foxconn said in a statement it employed more than the minimum 520 full-time workers by the end of the year to get the credit.

“WEDC’s determination of ineligibility during ongoing discussion is a disappointment and a surprise that threatens good faith negotiations,” it said.

WEDC’s review found Foxconn had fewer full-time employees than the minimum, however. It also fell short of its employment goal in 2018.

“Once Foxconn is able to provide more accurate

Taiwan-based Apple supplier Foxconn is failing to deliver on promises associated with its multibillion-dollar manufacturing facility in Wisconsin – so much so that the state is withholding coveted tax incentives.

The world’s largest electronic provider was promised a $3 billion incentives package, but failed to meet key milestones necessary to receive subsidies, documents first reported by The Verge showed.

The Wisconsin Economic Development Corporation on Monday denied Foxconn’s application for tax subsidies on the basis that it did not hire the promised number of eligible employees and that it was not following through on plans to build a liquid crystal display fabrication facility.

“It is evident from the Recipients’ 2019 Annual Project Report that the recipients are not building a 10.5 Fab, and that current activities are smaller in scale and economic impact to the region and the State of Wisconsin than those projected by the analyses run on the 10.5 Fab when WEDC initially approved and executed the agreement,” the WEDC wrote.

APPLE PARTNER FOXCONN MULLS NEW FACTORIES FOR MEXICO, NOT CHINA 

As noted by The Verge, Wisconsin lawmakers have tried to renegotiate the company’s contract for the facility – but have so far been unable to do so.

Wisconsin lawmakers originally put together a $3 billion incentives package to lure the company to the state.

A spokesperson for Foxconn did not return FOX Business’ request for comment.

FOXCONN’S REVENUE HAMMERED BY CORONAVIRUS

The deal to build the facility was struck in 2017 by former Republican Gov. Scott Walker, and has been touted by President Trump as a victory for the U.S. manufacturing sector. As part of the deal, state lawmakers negotiated a package including about $3 billion

A New York Times analysis of tax records showed that more than 200 companies, special-interest groups and foreign governments have funneled millions of dollars to President TrumpDonald John TrumpNorth Korea unveils large intercontinental ballistic missile at military parade Trump no longer considered a risk to transmit COVID-19, doctor says New ad from Trump campaign features Fauci MORE’s properties while reaping benefits from the president and his administration. 

Nearly a nearly a quarter of the entities have not been previously reported.

Sixty patrons, who promoted specific interests to the Trump administration, spent almost $12 million on expenses associated with the Trump Organization during the first two years of Trump’s presidency. The Times reported nearly all of these customers saw their interests move forward. 

In interviews with almost 250 business executives, club members, lobbyists, Trump property employees and current administration officials, sources detailed to Times how Trump conducted business and interacted with customers who were seeking help from the administration.

The newspaper also used Trump’s tax-return data, lobbying disclosures, Freedom of Information Act requests and other public records to construct a database of groups, companies and governments that had business before the administration and spent money on Trump properties.

The Trump Organization’s customers included foreign politicians, Florida barons, a Chinese billionaire, a Serbian prince, clean-energy advocates, petroleum industry leaders, small government advocates and contractors. The newspaper noted that some of the president’s customers did not see their interests fully fulfilled but noted “whether they won or lost, Mr. Trump benefited financially.”

More than 70 advocacy groups, businesses and foreign governments held events at Trump Organization properties that previously were at different locations or developed new events to be hosted at the properties. Religious organizations also participated by throwing prayer meetings, banquets and tours on Trump properties.

At least two dozen