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Biden tax increases would hurt US competitiveness, slow wage growth, CEOs say

President Joe Biden speaks during a meeting with lawmakers to discuss the American Jobs Plan in the Oval Office of the White House, Monday, April 12, 2021, in Washington. (AP Photo/Patrick Semansky)

98% of 178 CEOs believe that corporate tax rate would impede their company’s competitiveness

By Megan Henney


A majority of the nation’s top CEOs agree that President Biden’s plan to raise the corporate tax rate in order to pay for his nearly $2.3 trillion spending proposal will hurt business competitiveness and slow wage growth.

A survey released by Business Roundtable on Monday found that 98% of 178 CEOs believe that hiking the corporate tax rate to 28% from 21%, would have a moderately or very significant adverse effect on their company’s competitiveness.

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