Raimondo to Challenge Business Lobby on Biden’s Tax Increases

(Bloomberg) — U.S. Commerce Secretary Gina Raimondo will challenge business community complaints about tax increases included in President Joe Biden’s $3.5 trillion social spending package, urging in a speech Thursday that companies should instead support his economic agenda.

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In her remarks, Raimondo will argue that the spending plan is essential for supporting American families as well as the long-term growth and stability of the economy, according to a senior administration official. The programs will benefit everyone in the country, especially businesses, the official said.

The official previewed Raimondo’s remarks — to be delivered virtually to the City Club of Cleveland — the on condition of anonymity.

The House will begin this month to advance the social spending package, which includes new education, care-giving and climate programs, but liberal and moderate factions of congressional Democrats are still divided over how much to spend and how to offset the cost. 

Republicans are unified in opposition to the legislation, and the U.S. Chamber of Commerce has vowed to defeat it, saying in a statement last month that the bill would “dramatically expand the size and scope of government through record levels of inflationary spending and impose massive tax increases that will halt America’s fragile economic recovery.”

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