A coalition of 28 industry groups have joined hands to oppose plans to increase taxes by Biden’s administration, according to CNBC. The self-declared “job creators” consortium says hiking taxes will slow the U.S economy battling the impacts of the pandemic.
President Joe Biden is proposing trillions of dollars in infrastructure spending to be paid largely by tax hikes on corporations and wealthy Americans.
The new coalition is already researching national counter-messaging moves opposing Biden’s infrastructure plan.
Although businesses support a smart infrastructure endeavor, they oppose record high taxes at a time they are trying to recover from the pandemic.
The coalition plans to include key states controlled by moderate Democrats in the planned opposition to the tax hike.
U.S stocks are currently gaining as the dollar loses. SPY is up 0.32% on premarket, QQQ is up 0.53% on premarket, EURUSD is up 0.39%
