The U.S. Chamber of Commerce echoed that view. “We strongly oppose the general tax increases proposed by the administration, which will slow the economic recovery and make the U.S. less competitive globally — the exact opposite of the goals of the infrastructure plan,” the chamber’s chief policy officer, Neil Bradley, said in a statement.
The president’s focus on the work force will help the economy as it recovers from the pandemic-induced slowdown, the National Association of Manufacturers, a trade group, said in a statement. But, it added, the proposed tax increase would hurt the country’s competitive advantage.
“Raising taxes on manufacturers would fundamentally undermine our ability to lead this recovery,” the trade group said.
Wall Street has been wary of possible tax increases since the presidential election and has hoped that gridlock in Washington would moderate Mr. Biden’s agenda. On Wednesday, a spokesman for JPMorgan Chase said the bank’s chief executive, Jamie Dimon, believed “that the corporate tax rate for companies in the U.S. has to be competitive globally, which it is now.”
But “he has no problem with high-income people like himself paying a higher tax rate,” said the spokesman, Joseph Evangelisti.