The nation’s top business leaders are pushing back against President Biden’s plans to raise corporate taxes to pay for his infrastructure plan, as corporate America wades further into a growing number of hot-button policies that put it at odds, by turns, with lawmakers and stakeholders, and test the development of its public voice, The Washington Post reports.
Since the start of the year, U.S. corporations have halted donations to Republican lawmakers who opposed certification of the presidential election, expressed their desire for infrastructure investment while opposing corporate tax hikes to pay for it and spoken out against controversial state voting laws proposed by Republicans. Now, the Business Roundtable, a lobbying group that represents the chief executives of more than 220 large companies, plans to launch a digital and radio ad campaign against Biden’s proposal to raise the corporate tax rate from 21 to 28 percent.
The effect is something of a split screen for those observing America’s largest corporations, which are being pulled off the sidelines and into the social and political melee as employees and the public demand it.
On Monday, the Business Roundtable published a survey showing that 75% of the 178 members queried said a tax hike would negatively affect their investments in research and development. The group—comprising CEOs across the airline, manufacturing, tech, retail, financial and other sectors—contends in a new multimillion-dollar ad campaign that the bigger tax liability would stymie growth and make their companies less competitive. Read the full story.