A latest survey reveals that the majority CEOs do not agree with the president’s plan to extend the company tax fee.

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As President Joe Biden prepares to push ahead with an overhaul of the country’s corporate tax code, a latest survey from Enterprise Roundtable reveals that CEOs are not necessarily on board

Yesterday, the nonprofit lobbying group — which represents practically 200 CEOs from American firms, together with Apple, 3M and Lowe’s — launched the research’s outcomes. Maybe unsurprisingly, a big variety of the 178 CEOs questioned between March 8-19 imagine that will increase in U.S. home and worldwide tax charges would, per the group’s press launch, “have a adverse impact on enterprise growth, hiring and wage progress, investments in analysis and improvement (R&D) and innovation, and U.S. competitiveness within the world economic system.”

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Roughly 98% of respondents stated that a rise within the corporate tax rate from 21% to twenty-eight% would have a “reasonably” to “very” important adversarial impact on their companies’ competitiveness. About 71% of those self same respondents stated {that a} hike would have an effect on the variety of individuals they may rent, and two-thirds believed that it could sluggish wage progress. A majority of the respondents (75%) moreover stated that the rise would negatively impression investments in R&D. 

“The proposed tax will increase on job creators would sluggish America’s restoration and damage employees,” the group’s president Joshua Bolten stated in a press release. “This survey tells us that growing taxes on America’s largest employers would result in a diminished means to rent, slower wage progress for employees and diminished investments in analysis and improvement — all key parts wanted for a sturdy financial restoration. When U.S. firms can compete all over the world, they will put money into America and assist generate extra jobs, pay increased wages and assist all of their stakeholders.”

Biden is hoping to extend the company tax fee to assist fund his $2 trillion infrastructure and jobs plan, though he faces fierce opposition from Republican lawmakers. A rise would repeal adjustments to the company tax code made below former President Trump’s Tax Cuts and Jobs Act in 2017.