98% of CEO's Say Biden Tax Hikes Would Have Significant Adverse Effect on Economy

98% of CEO's Say Tax Hikes Will Have Adverse Effect 

A Business Roundtable survey released found Monday that 98% of CEO's claim that President Biden's proposed tax hikes would have a significant "adverse" on their ability to compete.  According to the survey, 98% of CEO's say that an increase in the corporate tax rate from 21% to 28% would have a moderately to very severe effect on the ability of business to be competitive.  75% of CEO's that an increased tax burden on U.S. companies would negatively affect their companies' investments in R&D and innovation.  71% stated that it would negatively affect their ability to hire.  And nearly 2/3 state it would result in slower wage growth for U.S. workers.  An overwhelming majority--88% stated that globally competitive tax policies is important for business expansion.  When asked about the increase in the GILTI rate from 10.5 percent to 21%, 76% of CEO's reported it would have a "moderately" to "significant" impact on their business' competitiveness, including plans for U.S. capital spending and hiring.

The truth is, the higher the corporate tax rate is, the less competitive a business can be, the less money is available to invest in hiring, R&D, and business expansion.  Also, there's less money available to grow employees' wages as well.  Add that on top of the many regulations that many companies have to abide with which mostly choke a business' ability to grow.  Many of the regulations imposed upon American businesses today mostly have a negative effect upon their ability to be competitive.  Raising the corporate tax rate is a horrible idea.  The government needs to allow businesses the freedom and room to grow their companies as they see fit as long as it's within reason and it doesn't harm employees or the general American public.  Allow the privater sector to grow the economy.  That's the way it's supposed to be.  I call for an ending to the corporate tax rate altogether and just impose a minimum flat tax upon them like you would an average American.  That's my proposal. Click on the above link to read the full story.