President Joe Biden has invited GM CEO Mary Barra and several other CEOs of major American corporations to a meeting at the White House to discuss the administration’s $1.75 trillion Build Back Better social policy.
The meeting, which will see all invited CEOs attend in person and not virtually, will address Biden’s Build Back Better plan and how it can best be implemented to support the American economy and American businesses.
The Build Back Better plan would see the U.S. government implement a 15 percent minimum tax based on income for all large companies that report over $1 billion in profits, doing away with the corporate alternative minimum tax. The policy would also implement a 15 percent tax on the foreign earnings of US businesses, a one percent tax on corporate stock buybacks and a surtax on individual income of over $10 million.
A total of ten CEOs will be in attendance at the meeting Wednesday. Ford CEO Jim Farley and Cummins CEO Tom Linebarger are the only other auto execs apart from Barra who have been invited. Microsoft president Brad Smith will also be in attendance, along with Siemens CEO Barbara Humpton, Salesforce CEO Marc Benioff and HP CEO Enrique Lores, among others. All executives that were invited have previously expressed support for the Build Back Better initiative.
Speaking to media earlier this week, a White House spokesperson said the meeting will discuss how the Build Back Better plan “will make the U.S. economy more competitive, increase worker productivity and workforce participation, lower inflation over the long-term, and strengthen business growth.”
“The private sector leaders will highlight what they see as the key benefits of BBB for the American economy and American business,” the spokesperson also said.
Barra’s appearance at the White House comes a day after the automaker announced an investment of $7 billion in its manufacturing operations in Michigan – representing the largest single manufacturing-related investment ever made by the U.S. automaker.