A lobbying group representing the interests of Apple has joined a coalition of corporate titans and industry organizations in a concerted effort to derail portions of President Joe Biden’s $3.5 trillion economic agenda.The Business Roundtable, a group of U.S. business leaders that counts Apple CEO Tim Cook as a board member, is preparing to oppose corporate tax increases designed to fuel the Democratic spending initiative, reports The Washington Post.Biden proposed a hike in corporate tax rates from 21% to 28%, while placing heftier burdens on profits earned overseas. Democratic lawmakers are hoping to push the laws through as a reconciliation bill, a procedure that allows Congress to pass legislation with a simple majority. Passage is not guaranteed by the 117th Congress, however, as Democrats enjoy only narrow control over both houses, a precarious position potentially vulnerable to intense lobbying. Read more…
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