ally financial loan payoff
what should i get my mom for christmas i have no money
payday loans without upfront fees
fifa 13 easy money cheat
door to door loans in belfast
street legal racing redline easy money
i need a loan in uk
general revenue corporation student loan
infamy payday 2
personal loan companies columbia sc
fed loan fax number
high cost loan section 32
loans secured by household goods
jackson hewitt tax service loans
small business loans in louisville ky
how to check load and go balance
strategic herding behavior in peertopeer loan auctions
bank calculator loan malaysia
can you get a jcpenney credit card with bad credit
financing a portion of a firms assets with securities bearing a fixed rate
no credit check loans without guarantor
short term money loans canada
no credit check sheds
greenwoods loans manchester
easy quick first time payday loan
cattle loans
what are mortgage lenders looking for in bank statements
i appreciate your assistance in advance
pulsar 180 bike loan
car lots that finance bad credit in kansas city
need cash urgently in delhi
pokemon emerald visual boy advance codes
i need cash now but i have no bank account
abbey life home loans
how many loans does the average person have
how to get rid of personal loan debt
is plain green loans legal in ohio
6000 personal loan bad credit australia
s line on bank statement
personal loans india bajajfinservlending
best way to finance a used car loan
i need a loan yahoo.com
credit union loans calculator mullingar
washington mutual bank reo properties
child tax credit xmas paydays
check advance paintsville ky
4000 dollar loan
car repair loans in maryland
alternative home loan options
the 5 cs of loans
payday the heist 2 player split screen
online korean course for college credit
bike loan philippines
bank overdraft on cash flow statement
can i get a payday loan with someone elses bank account
money today september 2014 download
how to get easy money in apb reloaded
student loans cancelled at 50
credit approval letter sample
can a payday loan take you to court in texas
names of private loan company in usa
how do i get a cash advance on my old navy visa
very fast way to make money
money network adp total pay
buy zippo lighter online cash on delivery
cash express union city tn
sample format of personal guarantee for loan
short term loan melbourne
how to get loads of money on hill climb racing
loans from venture capital
instant cash payout
military paydays usaa 2014
compare personal loan dubai
24 month loans
washington federal auto loans
personal loan with bad credit no bank account
stop payment on check advance
houses for rent in maryland with no credit check
loan bank yang senang lulus
can you western union money to a bank account
home loan banks in kolkata
icici bank credit card instant emi
car loan in sydney
loan shark craigslist
how to build a payday loan website
what questions do banks ask for loan
capital one dental loan
best books on kindle lenders library
definition for short term loan
is dell financing easy to get
is installmentloans org legit
account now bank name and address
bad credit high income personal loan
no credit check car dealers in fredericksburg va
student emergency loans with bad credit
5 year 30000 loan
iphone 5 cash back deals india
loan shark on good times
monumental life insurance loan form
injustice how to get fast money

Fred Smith: Corporate tax code needs reform

In an interview with Fox News Sunday’s Chris Wallace today, FedEx founder Fred Smith said the corporate tax code needs to be reformed to get the economy moving again and that the nation’s energy policy, trade policy and new regulations are blocking the economy’s ability to grow.

Here’s the interview –

Wallace: Mr. Smith, how deep of a hole are we in right now and is Washington making it better or worse?

Smith: Well, I think the economy is slow. Our economist and our information would not show that we are not entering a recession, but the policies that we are pursuing at the federal level are certainly not creating a situation which would create growth in the economy, either.

Wallace: When you say — what is hurting growth that’s coming out of Washington?

Smith: Well, the economy is divided in two parts, investment and consumption. And investment is virtually 100 percent correlated with job creation and our investment levels are significantly below where they have been in the past. So, our corporate tax code, our energy policy, our trade policy and the tremendous increase in regulations are all impeding the economy’s ability to grow at reasonable levels.


Wallace: Mr. Smith, you do business all over the world, is Mr. Kent, right?

Smith: Well, we have been in China for 25 years and in our sector of transportation there are plenty of challenges in China, I can say that for sure. But, we have had a tremendous growth spurt there.

Wallace: Mr. Smith, I want to follow up on that. We had the president’s chief strategist, senior strategist David Plouffe on “Fox News Sunday” last week and he made the argument that you’ve heard a lot from the president and the White House, the wealthy aren’t paying their fair share. Mr. Smith, is the White House right? Are business men like you and Mr. Johnson getting off too easy on taxes?

Smith: Well, I think you have to divide the tax argument into a little bit more discreet argument. First of all, the top 10 percent of the taxpayers in the United States pay 70 percent, or near 70 percent of all federal personal taxes. Corporate taxes are only about 9 percent.

The problem is, when you talk about personal taxes, it takes everyone’s eye off of the corporate tax situation. And from 1986 forward, the United States has had in essence a similar tax code for corporations as they do for individuals. And that is a big part of our slow investment and why we are not getting the jobs.

Let me give you an example that goes back to the interview with Mr. Cain. 9 percent sales tax that he advocates is similar to a value-added tax in Europe and elsewhere. Under the world trading rules, the value-added tax is deductible from exports where our corporate income tax is not.

So we are playing with one hand tied behind our back when it come to exports, which is one of the biggest potential growth areas that the United States has. That’s why the corporate tax has to be lowered, it has to be configured for a world wide economy and it has to incent business investment.

Wallace: All right. We’ve got two prescriptions here in Washington for what to do. The president as you all know has proposed a new jobs plan, it would have more short-term spending stimulus they call it, more short-term tax cuts. But down the road starting in 2013, $2 trillion in additional taxes over the next decade, and then going on beyond that.

Republicans say cut spending, cut regulations, get government out of the way.

Mr. Smith you are a Republican, as we said Mr. Johnson you are a Democrat. Let me ask you both starting with you Fred Smith, which side has got the better argument?

Smith: Well, entitlements have to be reformed. And you can either reform them by some sort of rationing, or regulations, or you can do it by market forces and means testing. That’s what Congressman Ryan has proposed and which based on my experience is far the better answer.

But regardless was which side you choose, neither can be successful unless we can get the economy growing at a rate that is able to pay for the entitlements. And absent a more modern, you know, advanced tax structure and we are not competitive with the rest of the world that incents businesses to invest, a better energy policy which creates a much bigger pool of energy that comes from North America rather than shipping hundreds of billions to the Mideast and elsewhere, we can’t be successful.

Wallace: And Fred Smith, if (President Obama) were one of your division heads would you keep him on or would you let him go?

Smith: Well, the president is for corporate tax reform. And I would simply say, Mr. President, to keep your job here, you need to reform these taxes and getting America back to work in the industrial sector rather than all of this financial speculation and we can do that. And I think he actually supports that.

 

Comments

  1. […] contrast that with Fedex founder and CEO, Fred Smith, who says that, when it comes to taxes and the role they might play in our economic recovery, we […]

Dansette

google