U.S. CEOs are concerned that raising the corporate tax rate could negatively affect the competitiveness of U.S. companies and may ultimately backfire on shareholders and employees.

In a statement on Tuesday, Business Roundtable Tax and Fiscal Policy Committee Chair Gregory Hayes, who is also the CEO of Raytheon, said raising the corporate tax rate would "have significant adverse effects on hiring and investment plans" while also likely affecting economic growth.

"We urge policymakers to seize the opportunity at hand and compromise on a bipartisan infrastructure package for the benefit of American workers and families," Hayes said.

The Business Roundtable said increasing the corporate tax to 28% from 21%, as proposed by President Biden to pay for spending initiatives, would undermine the competitiveness of U.S. companies and would ultimately be borne by shareholders and company employees.

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