Business leaders are warning they will fight moves to raise corporate taxes, tighten regulation and double the federal minimum wage under the Biden administration — even as they signalled strong support for the new president’s plans to tame the pandemic and stimulate the US economy.
Trade associations and individual executives have publicly affirmed the legitimacy of Mr Biden’s election, pulled campaign contributions from Republicans who contested his victory and given parts of his agenda a warmer welcome than Democrats have been used to from the business community.
They have also welcomed a number of proposed policy reversals including rejoining the Paris climate accord and re-entering the World Health Organisation and creating a path to citizenship for 11m undocumented immigrants.