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Economy

1 Sept 2021

Apple, Disney, Exxon Lobby against Biden’s Tax Plan

The Index Today

Washington Post recently reported that renowned corporations such as Apple and ExxonMobil have started lobbying against the $3.5 trillion spending plan that aims to increase corporate taxes. This lobbying effort comprises major organizations such as the RATE Coalition, the National Association of Manufacturers, the American Chamber of Commerce, The Business Roundtable, and more.

Other multinationals which have joined in the efforts include Disney and Apple.

The new tax plan drafted by the Democrats will aim to expand Medicare and focus on paid leave for family and medical purposes. The plan also incorporates free community colleges, climate change, child allowance, and other programs. The main purpose of democrats is to approve the plan without the opposition with a bypass route.

A campaign has been organized by major businesses to determine how the taxes will be increased. Most of these corporations received huge tax breaks under Trump’s administration, some even being reduced by 35%.

Blanch Lincoln has said that the new corporate tax plan could be devastating for the American economy, he currently works as an advisor to RATE Coalition.

Biden said in his April 28 speech, “I’m not trying to punish anybody, but damn it, maybe it’s because I come from a middle-class neighborhood, I’m sick and tired of ordinary people being fleeced.”

A few Democrats have expressed concern over the new tax plan and said it may negatively impact corporate competition.

Bernie Sanders commented in favor of the next tax plan and commented, “The rich and large corporations get richer, and their lobbyists do everything possible to protect their wealth and greed.”

Clay pottery with table linens