Corporate America and some economic experts are increasingly warning about the potential consequences of raising corporate tax rates as businesses big and small struggle to dig out of the financial hole created by the pandemic.
Business advocacy groups have lined up to oppose President Joe Biden’s proposal to hike the corporate tax rate from 21% to 28% to pay for the spending plan, which includes money for infrastructure and other programs.
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This week, the Biden administration also proposed pursuing a “global minimum tax,” which would involve negotiating with other countries to agree on a minimum tax rate for multinational corporations — the White House wants to set that at 21% — in order to discourage companies from seeking to avoid a higher U.S. corporate tax rate by moving to a country with a lower one.
Ryan Young, senior fellow at the Competitive Enterprise Institute, said most corporations don’t end
