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Tax Rise Would Cut Output 1.3%

Chamber study also shows tax change could cause loss of 710,000 U.S. jobs.

By Roxana Tiron and Richard Rubin, Bloomberg | Updated on July 18, 2012

The U.S. would lose 710,000 jobs and economic output would decline by 1.3 percent, or $200 billion, if tax cuts for high earners are allowed to lapse, said a report prepared for the U.S. Chamber of Commerce and other supporters of the tax breaks.

The study by Ernst & Young LLP supports Republican efforts to extend all of the George W. Bush-era tax cuts set to expire at the end of the year. President Barack Obama called on Congress last week to pass a one-year extension of tax cuts for married couples making less than $250,000 a year while letting rates rise for higher earners.

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