A Quote by Gary Cohn
We need to get a business tax system that makes us competitive to the rest of the world.
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You got to remember, S corporations pay one layer of tax, corporations pay two layers of tax. So we basically see equivalent, but here`s the point. The rest of the world, they tax their businesses at an average rate in the industrialized world of 23 percent. Our corporate is 35. Our top S corporate, small business rate is 44.6 effectively. This is killing us.
Corporate tax reform should include not just large C-corps but also smaller business S-corps and LLC pass-throughs. And nearly as important as cutting business tax rates is the need to simplify the inexplicably opaque and complex system.
The United States could transform its property tax system into a progressive tax on net worth without asking permission to the rest of the world.
We need to consider a financial transactions tax. And we need to ask whether the top marginal tax rates are really appropriate, given that the effective tax rates paid by the wealthy are often actually lower than those paid by the rest of us.
In a perfect world we would bring corporate tax rates down to 25% or less so we can get competitive in the world economy. Ultimately, I would love to see a flat tax.
We need real tax reform which makes the rich and profitable corporations begin to pay their fair share of taxes. We need a tax system which is fair and progressive. Children should not go hungry in this country while profitable corporations and the wealthy avoid their tax responsibilities by stashing their money in the Cayman Islands.
I know things like a 20% corporate tax rate will allow us to be more competitive in the global marketplace. That's what our competitors enjoy today around the world. And when we're more competitive, we win in the marketplace, and that allows us to invest and grow for the future.
In 1990, about 1 percent of American corporate profits were taken in tax havens like the Cayman Islands. By 2002, it was up to 17 percent, and it'll be up to 20-25 percent very quickly. It's a major problem. Fundamentally, we have a tax system designed for a national, industrial, wage economy, which is what we had in the early 1900s. We now live in a global, asset-based, services world. And we need to have a tax system that follows the economic order or it's going to interfere with economic growth, it's going to reduce people's incomes, and it's going to damage the US.
I don't mind competition at all. I mean, the record business is the most competitive business in the world, probably. So I'm used to that. In a weird way, it kind of makes you work harder.
The Value-Added Tax, a sales tax that applies at every level of business transactions, is an easy tax for governments to collect, and a hard tax to evade. So it makes the job of raising revenue easier. The revenues from the VAT can then be used to lower taxes on income and saving and investment. The Value-Added tax doesn't penalize work or saving; it's a tax on buying stuff.
I support transitioning from the progressive tax to a flat tax system - both individual and corporate/business.
I don't want to get into the 'who's a hostage-taker' discussion here, but what is the estate tax? It's a double tax on death. Economists will tell you that it's really not a tax that soaks the rich, but it's a tax on capital that deprives business investment and therefore job creation.
We need to have the growth. If we simply look at this as being deficit-neutral, you're never going to get the type of tax reform and tax reductions that you need to get to sustain 3 percent economic growth. We really do believe that the tax code is what's holding back the American economy.
We do a lot of great things, but it's a competitive league. A lot of great guys around us do the work and help us elevate our game, and that's what makes the NFL so special. We have a lot of competitive players who are the best in the world at what they do, and they all compete against each other.
We need an international solution to the challenge of climate change, there's no question about it. But the real key is, can you actually get that - or get that solution - without the US' involvement? Can you not lead domestically, and expect the rest of the world will take action... the US needs to lead, we need to be out there.
It certainly makes sense to expand the pulp industry in Indonesia, .. It's clear that it will be a very competitive exporter of pulp to the rest of the world, including China and India. So the interest by the Indonesian government is clearly to establish a really competitive plantation fiber base to support a globally attractive export industry.
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