Poll: CEOs say Biden’s corporate tax hike would hinder wage growth, innovation

The Biden administration is in the midst of a full-court press to secure passage of a massive, $2.3 billion infrastructure bill, but according to a new survey, one of the key components of the proposed legislation is raising serious red flags among the nation’s business leaders.

As Breitbart reports, a poll released by Business Rountable earlier this week revealed that 98% of CEO respondents believe that the corporate tax increases included in President Joe Biden’s “American Jobs Plan” would produce a “significant adverse effect” on the competitive position of their enterprises, in a withering blow to the White House.

The survey was conducted during the period spanning March 8 and March 19, and it included 178 respondents – a group representing over 80% of the membership of Business Rountable. The results indicate real concern among America’s business elite about Biden’s plan to raise the corporate tax rate from 21% to 28%.

Nearly all respondents expressed the opinion that the tax hike would have either a moderate or significant adverse impact on overall competitiveness, and 75% of participants also believe that such a move would hamper research and development. Making matters worse for Biden, 71% of those queried said their ability to make new hires would be reduced, and roughly two-thirds polled said they would anticipate slower wage growth as a result of a change in the corporate rate.

In announcing the results of the survey, Joshua Bolten, president and CEO of Business Rountable, said, “The proposed tax increases on job creators would slow America’s recovery and hurt workers,” adding:

This survey tells us that increasing taxes on America’s largest employers would lead to a reduced ability to hire, slower wage growth for workers, and reduced investments in research and development – all key components needed for a robust economic recovery.

While the corporate tax increase is an essential component of Biden’s infrastructure bill, it has already been met with opposition by lawmakers on both sides of the aisle. Democrat Sen. Joe Manchin (WV) has indicated that a rate of 28% is unacceptably high, as NBC news has noted, and his support of the package is almost certainly critical to its success. Senate Minority Leader Mitch McConnell (R-KY) blasted the legislation as “a Trojan horse” designed to conceal “more borrowed money and massive tax increases on all the productive parts of our economy,” according to Fox Business.

Though Biden has signaled a willingness to negotiate on the corporate tax rate, as CNBC noted, and he did meet Monday with a group of bipartisan lawmakers to discuss possible areas of agreement, the White House appears willing to push forward with or without Republican support.

The administration welcomed a ruling last week from the Senate parliamentarian advising that Democrats could use the reconciliation process to achieve passage of the infrastructure bill via a simple majority vote instead of needing to meet the filibuster-proof 60-vote threshold, though that may not be enough to salvage the plan absent significant adjustments.

Time will tell whether Biden’s talk of bipartisan cooperation is anything other than political theater, but even so, if Sen. Manchin remains unmoved in his opposition to the bill as currently comprised, an uphill battle for Democrats likely remains.

 
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41 Responses

  1. but you missed it. he doesnt fall DOWN THE STEPS, he falls UP>. hard to kill yourself that way!!!

  2. I sincerely believe that if he keeps falling down the steps of Air Force One that he will eventually get it right and Kill himself.

  3. Look at it from Biden and Harris’ point of view. What a great way to cut the legs out from under our Republic so they can replace it with their DICTATORSHIP. IMPEACH THEM IMMEDIATELY, and give the DOJ one chance to prosecute Hunter Biden. If they don’t act, then fire them

  4. In case you have not noticed, Joe Biden has been lying all his life. And now, with dementia, you can forget any promises he made about anything. He sure will!

  5. I don’t think China Joe can even fathom the distaste of his buffoonery. This downward spiral really took a dive while Berry Sorta was in office. The veil has been lifted thanks to President Trump exposing their drive toward one world government. They thought sheeple would just step in line following the goose stepper of the month but they have kicked the slumbering dog.

  6. Of Course It Wouldn’t Work, Because
    Biden Never Does His Own Home
    Work, Always Rely’s On Others To Do
    It For Him, Then Counts On The People
    Of This Country To Back Him Up, Which
    Means BIDEN IS THE “BIGGEST IDIOT
    DEMOCRATS EVER NOMINATED”!

  7. First of all we need to limit the spending to other countries, or cut the amount down, also tax the Politicians income; with the same adjustment Biden is recommending for big businesses and those making over $200,000.00 a year. That stated; without the donations and slippery hide it off shore banking. Tax by what they are paid and that includes the bonus; they give themselves. This country right now is hurting, it is not the time to increase taxes, work on getting us back into jobs, and everyday business of this country. Time to make cuts to the places that art not giving back and supporting this country.

  8. I seriously doubt the Senile Fool was shocked. Even before Dementia kicked in Slo Joe had trouble with basic math. The Idiot has always twisting and exaggerated numbers for nearly 50 years.

  9. So how do we address the problem before the US is decimated. Is it sufficient grounds for a medical, intellectual, ethical incompacity for IMPEACHMENT?????

  10. Bite-me is no capitalist, he’s an extortionist! This moron can’t tell right from wrong, & he’s so used to lying to himself, he believes everything he tells the mirror! Why isn’t he being impeached for failing to uphold his Constitutional oath? Can the clown!

  11. Exactly what anyone with any intelligence knew, Joe Biden is wrecking this country! It is is far left, it will take a miracle to get back on even keel!!
    What’s next?!? Change our country’s name to the New United States of Africa? I am not being facetious; it appears only blacks get to decide anything anymore!! Any decisions have to be okayed by allowing blacks the biggest piece of the pie!
    Does anyone remember what happened to beautiful Africa, when it was handed over to killer blacks who had no idea how to keep the country growing and everyone fed?? Hell, NO!! They didn’t care about anything other than what’s happening now!! Their people are now starving and the land is now fallow, because they were too dumb to allow those who knew how to keep this gorgeous country thriving to teach them how! They were too busy killing those they thought were in their way to progress (SOUND FAMILIAR?)! It’s so typical of the idiots thinking they can destroy people and then take over! OH, YEAH!! THAT SURE WORKED, DIDN’T IT!!!

  12. LIKE THE ONE NEWS BROADCASTER OR NEWS REPORTER USED TO SAY; THERE YOU HAVE IT AND YOU KNOW THE END OF THE STORY
    MAN! WHAT IDIOTS WE HAVE RUNNING THIS COUNTRY! ONE DOESN’T HAVE A BRAIN, THE OTHER ONE DOESN’T KNOW HOW SHE
    GOT THERE. AND WE HAVE A FORMER PRESIDENT MAKE ALL THE MOVES OR RULES CONTRADICTING EVERYTHING AND DESTROYING
    THE COUNTRY! LIKE THE ENGLISH SAY “GOOD SHOW”!

  13. No wonder. Joe Biden has done nothing constructive in the 47 years that he served in the Senate. He couldn’t shine President Trumps
    Boots. Both he and VP Harris are a disgrace to the country. IT IS UNDERSTANDABLE WHY WE ARE THE LAUGHING STOCK OF THE FREE WORLD. Mr. Biden and his administration will wind up being the worst in the history of our country.His handling of the Border crisis is proof positive. It is shameful.it has already cost over 100,000 thousand jobs. He wants to send millions of dollars to Illegal Imigrants when we have American citizens out of work.

  14. I ,for one will NEVER purchase a Woke Coke product. I will not miss it. They gave me a great reason to stop drinking coke. Good bye……

  15. Nothing Biden has or will do has anything to do with helping the American People. It’s all about pay-offs, personal gains for the elite, and the destruction of these United States.

    1. Biden is a greedy, non caring, hipocrite, and phony idiot! Hope we make it to 2022. Still can’t understand how all the fraud was able to get him elected. What a shame! Wife is an phony idiot too!

    1. no matter how you look at it everyonelse around us are laughing at us for having a bobblehead as a leader and a piglosi for a mascot

    2. I think you mean “Oscuma” is behind the scenes Bathhouse Barry and his husband, formerly known as Big Mike need to have their corrupt ways and pathological need for attention

        1. you know he is. pisaki said so the other day!!! he told us on national t.v. that that was what he was going to do. stay in his basement and run the country into the ground. why do you think he moved 2 miles from the Whitehouse???? ah, convenience!!!!!!!!!

  16. I didn’t understand this whole thing. Was Bidet thinking ‘I stole the election, they are gonna love me,’

    1. As early as September 2020 Buythem said that he didn’t care what the numbers were at 2:00AM Wednesday, after all the MAIL IN BALLOTS were counted, he would win. The other three head clowns said the same in the months before the election. Guess what ??? AT 2:00AM, Trump was ahead !
      Now….I don’t believe in conspiracies, until all the facts are in…..but I do believe where there’s smoke, there’s fire.

      1. Biden told us ahead of time he had the most extensive fraud ever set up to steal the election. This is why he never campaigned because it was all set up for him to steal. What I don’t understand is why and how he got away with this atrocity. So sad for our country. Now he is working on packing the court and he must be stopped form achieving that.

    1. There’s a reason we call him Job Killer Joe. Sickening how Wall Street stabbed Trump in the face & sabotaged Trump’s re-election. Now CEOs are amazed that Biden is doing exactly what AOC & the Far Left command. Astonishing stupidity.

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