Joe Biden’s tax plan would result in millions fewer employed and a drastic reduction in economic output, according to a new report by President Trump’s former chief economist.

The Democratic nominee’s tax plan would increase the average tax rates on both labor and capital income, which would reduce business investment in the long run and result in 3 million fewer full-time equivalent employees, according to a soon-to-be-published report by Casey Mulligan, the former chief economist for President Trump’s Council of Economic Advisers. Mulligan also predicts Biden’s tax plan would result in 4% to 5% less gross domestic product and national income, which would translate to inflation-adjusted gross domestic product being about $8,000 per household per year less in the long run.