Raytheon CEO Sees $1 Billion Blow, R&D Risk, From Biden Tax Plan

Raytheon Technologies Corp. Chief Executive Officer Greg Hayes predicted a $1 billion blow for the company from President Joe Biden’s push to overhaul the U.S. tax code.

The higher tax bill would threaten Raytheon’s $5 billion in annual spending on capital and research and development, Hayes said Wednesday in a virtual interview with Carlyle Group co-founder David Rubenstein. Hayes is also the chair of the Business Roundtable’s tax and fiscal policy committee.

“It means I have to reduce my investment budget by about 20%,” Hayes said in the interview, which was sponsored by the Economic Club of Washington. “I’m ...