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Apr 12, 2021 - Economy

First look: Top executives align against Biden tax hike

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Illustration of Joe Biden with a shadow behind him reaching its hand out

Illustration: Eniola Odetunde/Axios

The Business Roundtable today will release a survey in which 98% of 178 CEOs polled said that increasing the corporate tax rate from 21% to 28%, as President Biden proposed, would have a "moderately" to "very" significant adverse effect on their company’s competitiveness.

By the numbers: 75% of CEOs said an increased tax burden on U.S. companies would negatively affect investments in R&D and innovation.

  • 71% of CEOs said it would negatively affect their ability to hire.
  • Nearly two-thirds said it would result in slower wage growth for U.S. workers.

BRT President & CEO Joshua Bolten said: "This survey tells us that increasing taxes on America’s largest job creators would lead to a reduced ability to hire Americans, slower wage growth for workers, and reduced investments in research and development — all key components needed for a robust economic recovery."

  • Raytheon Technologies CEO Gregory Hayes, chair of BRT's Tax and Fiscal Policy Committee: "As we look toward recovering from the COVID-19 pandemic, keeping competitive tax policies in place is needed to help reinvigorate the U.S. economy."
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