(MENAFN) A figure of business taxes are increasing just as the U.S. economy witnesses the increased danger of a slump, intimidating to extend economic pain for many firms and consumers.
Starting 2023, companies will face a steeper federal tax burden due to many major alterations included in the health care and climate change spending bill that Democrats passed over the summer. In addition, main provisions of the 2017 Republican tax overhaul are set to phase out in 2023.
Combined, the tax rise is expected to cost companies about USD115 billion in 2023 – a big rise from 2022, in agreement with the Joint Committee on Taxation.
"On the impact of tax increases in a recessionary period, we are highly concerned," Chris Netram, the managing vice president of tax and domestic financial policy at the National Association of Manufacturers (NAM), informed FOX Business. "Some of the items that have already taken effect, that Congress failed to reverse at the end of last year, are causing a lot of pain for our members."
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