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It's easy for big business to dump the GOP now. Tax hikes will be the real test

January 12, 2021. Summarized by summa-bot.

Compression ratio: 16.5%. 1 min read.

The insurrection at the US Capitol has sparked a reckoning in the business world.

"Republicans for decades have been anti-tax and anti-regulation," said Valliere.

The 147 Republican lawmakers who objected to the Electoral College results have raised millions from Political Action Committees (PACs) directed by major companies and business groups.

"It is incredibly difficult to envision the nation's largest corporations maintaining a campaign contribution hiatus once Congress begins advancing structural reform packages relating to taxes, infrastructure, and beyond," Isaac Boltansky, director of policy research at Compass Point Research & Trading, told CNN Business in an email.

Deutsche Bank (DB) will no longer do business with Trump, a step that will cut off his business from a major source of loans.

Signature Bank said Monday it had started closing Trump's personal accounts -- and called for the president to resign.

They were especially excited about Trump's tax cuts, deregulation and appointments of pro-business judges.

Bloxham said it remains an open question whether the insurrection at the Capitol delivered a lasting lesson to corporate America, or merely a fleeting one.

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