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Former Intel CEO Craig Barrett on unions posting the pay of CEOs on a website, the Buffett Rule and the state of the economy.
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Meanwhile the country's biggest union has -- big problem with what big bosses are making.
Just in time for the election the AFL CIL launching a new web site.
That'll tell people what's CEOs are earning and -- compare that to what union folks like teachers and firemen are making.
And also plans and taking issue with the amount of cash companies have on hand which is at a record amount.
To former Intel.
CEO Craig Barrett no stranger to being in a bullseye -- with -- -- -- I've been a big fan of yours I think you're one of the smartest CEOs out there so what do you make of this trend of the AFL CIO launching a website.
To basically show the world and compare CEO pay to teacher or firemen had.
Well maybe we are taken to the US senate and see if they approve of this.
But but but but but up.
-- -- it's come on it's not a surprise we've had the Occupy Wall Street we have the Buffett rule.
We have the administration's attack on business.
We've got a campaign coming up but which have no economic foundation to right -- on the campaign on so the issue is attack somebody.
-- AFL CIO is -- attack dog here.
You know -- a very reassuring on screen now what -- union bosses actually make mr.
trumka of the AFL stand makes nearly 300000 I think he's.
Pretty much in the 1% -- that AFL CIO web -- be comparing union boss pay.
With CEO pay and not regular worker pay isn't just this -- -- -- kind of.
A critical.
Well I'd I think the real hypocritical part here is just focusing on CEOs that this is a target rich environment when you look at -- Let's get George Soros is pay if they're compared to his secretary that's -- the Hollywood stars Johnny Depp James Cameron whatever.
Compared to the lowest member paid member of this.
The actors guild.
Let's get that Kobe Bryant's.
Salary up there compared to the Jeremy limbs that are still in the NBA development league let's.
Let's look at everybody salary -- a -- gonna just.
Instead of just looking at the CEO's salary.
Aren't some you know this is all turning on the issue two of the Buffett tax which we just reported.
If not making any headway in the senate.
What make -- the president talking about a -- tax -- -- at a time when we had GSA workers basically going to resorts on the taxpayers' nickel.
As -- -- making trips to Disneyland bringing you know family members what do you make of the president.
Asking for Americans that do more of their fair share when not much is being done to rein in this kind of reckless spending.
Well I'd I'm sure that a the president had nothing directly to do that but it has to be a tremendous embarrassment.
To him nonetheless.
-- the real issue here is let's go back to the economy how do we create job -- we create investment in the United States.
Let's get the environment right for that before we start criticizing everybody who's been successful in the past.
That the administration is still got the highest tax rate in the world.
-- where you thumping our chest about a free trade agreement with Colombia after six or seven years.
Of stonewalling it.
We're just not doing the basic things we need to get the economy going.
You know sir on the profit taxes is sitting on -- second.
All right -- say the profit tax is an accident not saying it is because the senate is basically backing off of it.
What a higher taxes mean CEOs and top executives just demand more compensation.
And more companies to pay for their own tax -- says we've seen in the past that it won't really do much pretty know it's only gonna bring in 47 billion dollars.
Or less next decade which is about lesson and a half a month of you know spending on that -- the way the president's been going.
Well I I think they'll do something worse than that which is today you have a capital gains tax story dividend tax.
Which is about 15% if you want to increase that which is what you would be doing due to enact the Buffett rule.
You're gonna just take people.
Take their investments out of stocks out of dividend creating investments put their money some place else to shield it that undermines.
They're working capital you need in.
The market place.
For businesses to do things I think it's just overall a very detrimental move and I'm sure they understand it but they're putting politics ahead of the economy.
In this case to try and wage this class warfare.
Right to try to get votes between the.
You know forty airline says you say we -- saying -- freeze and lock up economic activities at your point.
Well you've seen this every time when you raise the tax on dividends or capital gains people put their money elsewhere.
So that they don't have to pay those taxes -- when you lower the tax rate on that people invest.
All right mr.
Craig Barrett former CEO of Intel.
So good to be with you tonight sir thank you so much for your time really appreciate it next up --
