Big business steps up effort to dilute Biden tax hikes

The biggest businesses in America warn Democratic party efforts to raise corporate taxes will harm U.S. economic growth and they are fighting to water them down.

The Business Roundtable on Tuesday said the Democratic proposals would represent one of the “largest corporate tax increases in history” and weaken the economy. The group has waged a campaign against the proposal for months.

Roundtable President Joshua Bolten spent most of his virtual meeting with reporters after the group released its latest economic survey of top CEOs warning about the proposed business tax increases.

He said the Democratic plan would raise the U.S. corporate tax rate to one of the highest in the world and put companies at a disadvantage against competitors in China, Europe and elsewhere.

“It doesn’t make sense to do any of it given where we are in a competitive world,” Bolten said. “American companies have one hand tied…

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