WASHINGTON—The chief executives of America’s largest banks criticized President Joe Biden’s plans to raise taxes on corporations, saying that the increased tax rate would make U.S. businesses less competitive globally. The CEOs of JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley testified virtually on May 27 before the House Financial Services Committee. During the hearing, the bankers questioned the merits of the increase in the corporate tax rate included in the president’s American Jobs Plan, a $2.3 trillion infrastructure proposal. To pay for his spending package, Biden has proposed to raise the corporate tax rate to 28 percent from the current rate of 21 percent, a level that would put it above global peers. “That would be a mistake for America,” said Jamie Dimon, JPMorgan Chase CEO. The proposed corporate tax increase, he argued, would be four times larger than the tax cuts of 2017, which …