Majority of CEOs say Biden tax hikes will harm business, slow wage growth: poll

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A survey of CEOs has found that a majority think President Biden’s proposed hike in the corporate tax rate to pay for his $2 trillion infrastructure package would negatively affect their companies’ competitiveness, expansion and wage growth. The poll released Monday by Business Roundtable of its CEO members showed that 98 percent of them said raising the rate to 28 percent from 21 percent would have a “moderately” or “very” significant adverse effect on competitiveness. Seventy-five percent of the executives said it would “negatively affect” their businesses’ investments in R&D and innovation, while 71 percent believe it would harm their ability to hire new employees, and two-thirds said it would hamper wage growth for American workers. In the survey, 88 percent of the CEOs polled said maintaining a globally competitive US tax policy is essential for business expansion. “The tax system needs to support innovation, R&D, capital investment and economic growth,” said Business Roundtable Tax and Fiscal Policy Committee ​c​hair Gregory Hayes, ​CEO of Raytheon Technologies Corp.

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