Tax and Fiscal Policy Business Roundtable Statement on President Biden’s FY 2023 Budget Proposal

Mar 28, 2022

Washington – Business Roundtable CEO Joshua Bolten today issued the following statement on President Biden’s fiscal year (FY) 2023 budget proposal:

“Business Roundtable strongly opposes the business tax proposals included in the Administration’s FY 2023 budget proposal. The proposed 28% corporate tax rate would again give the United States one of the highest among all developed countries. In addition, raising the U.S. international minimum tax rate, or GILTI, to 20% when no other country has such a tax—nor even begun to implement the 15% rate to which the OECD agreed—would put U.S. businesses at a major disadvantage.
“Increasing taxes on America’s job creators would erode America’s competitive standing, favor foreign-headquartered firms over U.S. businesses and workers, and discourage investment at home. Further, these proposals would impose one of the largest tax increases in history at a time when the federal government is receiving record revenue from U.S. businesses. To bolster the economy during this period of high uncertainty, U.S. policymakers need to recommit to policies that will strengthen our economy over the long term, including a competitive tax and regulatory environment.”