A business survey released on Monday found that 98 percent of CEOs said proposed tax increases would have a “significant adverse effect” on their ability to compete.
Via business roundtable:
According to the results of the survey, 98 percent of CEOs said that an increase in the corporate tax rate from 21 percent to 28 percent would have a “moderate” to “very” significant effect on their company’s competitiveness. Seventy-five percent of CEOs said an increased tax burden on U.S. companies would negatively impact their investments in research and development and innovation, 71 percent said it would negatively impact their ability to hire, and nearly two thirds said it would lead to a slower wage. growth for American workers.
An overwhelming majority – 88 percent – of respondents agreed that maintaining global competitive tax policy in the US is important for business expansion. When asked about raising the GILTI rate from 10.5 percent to 21 percent, 76 percent of CEOs said it would have a “moderate” to “very” significant impact on their company’s competitiveness , including plans for U.S. capital spending and rent.
Respondents said Biden’s proposed tax increase would have a “negative impact on business expansion, rents and wage growth, investment in research and development (R&D) and innovation, and U.S. competitiveness in the world economy.”
To compensate for the loss of competitiveness, Biden’s government has said it will push foreign governments to raise corporate taxes in their own countries.
“President Biden is also proposing to encourage other countries, like the United States, to adopt strong minimum taxes on businesses so that foreign businesses do not benefit,” the White House said, as Breitbart News reported.
According to the Biden government’s discussion points, the intention is to raise taxes worldwide to put an end to the race to the bottom around the world.
“The proposed tax increases on job creators will delay the recovery of America and harm workers,” Joshua Bolten, president and CEO of Business Roundtable, said in the poll announcement.
“This survey tells us that raising taxes on America’s largest employers will lead to reduced hiring capacity, slower wage growth for workers and a reduction in investment in research and development – all the key components needed for a robust economic recovery, “he adds.
“When American companies around the world can compete, they can invest in America and help generate more jobs, pay higher wages, and support all of their stakeholders.”
According to Business Roundtable, 178 members – or 84 percent – completed the survey.
Kyle Olson is a reporter for Breitbart News. He also hosts ‘The Kyle Olson Show’, which was syndicated on Michigan radio stations on Saturdays. podcast episodes. Follow him further Parler.