Business Lobby Seeks to Delay Tax Rise That Funds Biden Spending Plan

WASHINGTON—A coalition of large multinational companies has launched a late lobbying blitz to delay a tax increase on foreign earnings in the Build Back Better plan, saying it would hurt U.S. businesses when they compete with foreign rivals.

The dispute represents another potential stumbling block for President Biden’s top domestic-policy priority, which relies on corporate tax increases to fund greater spending on education, child care, healthcare and other domestic programs.

Lobbyists for major U.S. companies, including

Honeywell International Inc.,

HON -2.12%

General Electric Co.

GE -1.17%

and

Boeing Corp.

BA 0.96%

, are hoping to persuade centrist Democratic senators such as

Kyrsten Sinema

of Arizona and

Joe Manchin

of West Virginia that the…

Read more…