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One million U.S. jobs will be lost in just two years if the corporate tax rate is increased to 28%, the National Association of Manufacturers said Thursday. Job loss will also be driven by raising the top marginal tax rate and eliminating certain expensing provisions, among other things, according to a NAM study on proposed tax policy changes.

"The conclusion of this study is inescapable -- follow through with tax hikes that give other countries a clear advantage and we'll see far fewer jobs created in America," NAM president and CEO Jay Timmons said in a statement. It'll also shrink GDP by USD117 billion by 2023 and capital investments by USD80 billion, according to the study.

The Biden administration proposed raising the corporate tax rate to 28% from the current 21% as part of its sweeping infrastructure package released late last month, though President Biden said Wednesday he's willing to negotiate.