Business Groups Band Together as Biden Looks to Ram Through 'Record' Tax Hikes
More than two dozen business groups have formed a coalition to fight tax hikes proposed by Democrats and President Joe Biden.
The coalition, known as America’s Job Creators for a Strong Recovery, is made up of 28 organizations that argue additional tax increases will punish businesses that create jobs and hurt the ongoing economic recovery, according to CNBC.
“The record tax hikes that Democrats are seeking to ram through could not come at a worse time for America’s job creators who are just beginning to recover from a crippling pandemic,” National Association of Wholesaler-Distributors president and CEO Eric Hoplin told CNBC.
Hoplin criticized Biden’s $2.3 trillion infrastructure plan, which would raise the corporate tax rate to 28 percent.
“Employers support a smart infrastructure to ensure America’s 21st-century competitiveness, but it shouldn’t be used as a Trojan horse to enact record high taxes on America’s individually and family-owned businesses,” he said.
NAW is leading the coalition, which includes groups like the International Franchise Association, the Main Street Employers Coalition, the National Grocers Association, the American Hotel and Lodging Association and Associated Builders and Contractors.
The group has yet to formally announce its plans but said it is researching how it can effectively counter the Democratic proposals.
The effort will especially target Arizona, which has two moderate Democratic senators in office.
“The pandemic has taxed individually and family-owned businesses enough — taxing them again while they are still struggling to recover just goes too far,” MSE executive director Chris Smith told CNBC.
“These tax hikes would put the path of the recovery at such risk, so we need to make sure the voice of Main Street is heard loud and clear with the people and places that matter most,” Smith added.
Business groups have previously rallied against the Biden administration over its proposed corporate tax and capital gains tax increases. Others have criticized the president for a plan that would increase small business taxes.
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