A new Business Roundtable survey of its CEO members found that increases in U.S. domestic and international tax rates would have a negative effect on business expansion, hiring and wage growth, investments in research and development (R&D) and innovation, and U.S. competitiveness in the global economy.

According to the results of the Washington, D.C-based association, 98% of CEOs said that an increase in the corporate tax rate from 21% to 28% would have a “moderately” to “very” significant adverse effect on their company’s competitiveness.

Seventy-five percent of CEOs said that an increased tax burden on U.S. companies would negatively affect their company’s investments in R&D and innovation, while 71% said it would negatively affect their ability to hire, and nearly two-thirds said it would result in slower wage growth for U.S. workers.

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