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Update: Starbucks CEO calls for lower corporate tax rate
Starbucks CEO Howard Schultz is calling for a lower corporate tax rate. Schultz made his comments during a town hall meeting Tuesday night hosted by the anti-partisanship group “No Labels”
Schultz has been in the news lately, not for coffee, but because of his campaign against the partisan fighting in Washington, DC. First, Schultz called for a boycott on campaign contributions. Then he wrote an open letter to America published in newspapers.
That was followed by a live web-streamed town hall meeting. Schultz said public companies are sitting on $1 trillion that could be used to jumpstart the economy. He blamed uncertainty stemming from the debt ceiling crisis, but also the nation’s corporate tax with a top rate of 35-percent.
“What I would do is simply say is you can’t have a lower tax rate unless there is tangible, measurable evidence that you are going to invest in job creation and you’ll see a significant stimulation in the economy,” Schultz said.
However, in 2008 the Government Accountability Office found that more than half of U.S. companies paid no federal income tax in at least one of the seven years that were reviewed.
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