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Business Groups Prepare to Fight Biden's Proposed Corporate Tax Hike

Chris Gaetano
Published Date:
Apr 1, 2021
iStock-672463276 Corporate Office Building Property Real Estate

Major business groups have made it clear that they intend to fight the White House's plans to increase corporate taxes to fund its proposed multitrillion-dollar infrastructure plan, Fortune reported. The landmark plan would, among other things, raise the corporate tax rate to 28 percent, apply a 15 percent tax to "book income," and eliminate many of the breaks and deductions they currently enjoy.

Business leaders are not happy about this proposed tax increase. The Business Roundtable, a coalition of CEOs more recently known for their impassioned defense of stakeholder capitalism, released a statement decrying the proposal, due to concerns that it would create new barriers to job creation and economic growth. Similarly, the Chamber of Commerce said it was a "dangerously misguided" idea that would slow the U.S. recovery and hurt international competitiveness. The National Association of Manufacturers released similarly dire warnings.

One group that may be happy about the proposal are traders. Fortune noted that markets seem sanguine about the plan so far, pointing out that the day that President Biden made his announcement, the S&P 500 grew by 0.4 percent, the Nasdaq climbed 1.5 percent, while the Dow Jones Industrial Average slipped less than 0.3 percent. .

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