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Is Corporate Tax Reform Needed?

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    Boston Properties Chairman Mort Zuckerman on why reforming the tax code would help the economy.

  • Duration 5:35
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Bob Iger is a Democrat -- know about that.

Keeping the corporate taxes are hurting his business more than anything else I wanna bring him Mort Zuckerman chairman and CEO Boston properties he joins me -- Fox Business exclusive.

See you heard what Bob Iger had to see what's to simplify the corporate tax code.

Close the loopholes lower -- he said that -- basically shipping jobs overseas because of the corporate tax rate what do you think.

I think he's right.

I do think that we absolutely must find a way to completely revamped the tax code which would broaden the base of taxes and lower the tax rates there's no doubt but that.

A number of different industries have gotten special privileges however they got them some of them good some of them not so good.

And that affects the overall tax rates for the other companies because we have to make up.

The losses -- revenues tax revenues at these.

Special privileges have granted.

I would eliminate the vast bulk of them I would therefore brought in the tax base and lower their rates and let everybody be more competitive I think it would definitely stimulate the economy.

And not -- corporate America would stimulate him in individuals because you would lower their taxes as well.

We came close to that for a moment when.

John Boehner the Republican speaker and the president seemed to have an agreement on 800 billion dollars worth of the elimination of these special tax privilege -- tax expenditures as they're caught and lower the tax rate simultaneously but the deal fell apart.

For all the usual reasons right.

But that is something that we really have to pursue -- have to find a way to -- I think it is critical that the only we cannot afford just running up larger deficits by just lowering tax rates.

We've got to eliminate these special tax privilege of that's the way to lower the tax.

S going on -- I mean the drumbeat is growing somebody like that Bob Iger who I feel it goes out of his way to be very measured and what he says normally tries not to say.

Anything controversial he gets out thirty makes a statement like that it's been reverberating around the universe all day today.

Our big time CEOs getting really frustrated.

Morning.

Think they have been frustrated for several years I mean I've never seen the -- -- -- a group of business executives.

From an administration such as we haven't that is very counterproductive in my judgment.

Because confidence is a very important feature a business investment.

And a lot of business people have lost confidence in this administration it's just that simple has been going on for long time I've.

Written about it several times and I participated in several efforts to improve it.

But it's just not working not -- there is an attempt on the part of the administration.

Frankly to channel the anger that this country feels about the economy and blame it on the business world -- the top 1%.

Yeah -- let's talk about motivation here because here's someone who I believe is a Democrat that's what everyone tells me you yourself a Democrat talking about something you know lower taxes -- simplified tax code.

You people would say maybe it's in your best interest you know Europe corporation you want to pay less taxes but I think they don't realize.

Companies are really pay taxes they pass on that cost to their customers or they hire fewer people right isn't I think.

Think that's one of the consequences that but I mean of the -- of the part that I really don't understand it seems to be a part of the culture of this administration.

You know America generally moves losers this is that.

An organization that -- the winners.

They've moved the people who boo -- the people are successful.

Within the American system and I think it's counterproductive.

I think there have to be -- you have to be a bipartisan way because nothing is gonna happen.

As long as you have the kind of partisanship that.

We've seen for the last several years.

We've just got to find a way to rationalize the tax code in fact -- rationalize many other things.

But we are really hurting ourselves it's -- self inflicted -- as Bob Iger who with a Democrat -- -- -- Suggest that.

And a lot of people say that's the reason why we haven't seen a strong V shape recovery which economists those that are normally what you see.

When you go into very serious recession like this -- -- a big acceleration now.

We -- creating 30400000.

Jobs a month we're not even close to backtrack do you think this one of the reasons.

Well I think it contributes to -- but the main reason in my judgment is that we have an unbelievable amount of debt.

To find to pay down and we have to deal leverage our society the only way we deleveraging the private sector is we're leveraging up the public sector -- the debt is still bearish just being.

And transferring to different hands but sooner or later that level of debt is gonna continue to weigh down on.

On the back -- -- that's an insurmountable problem had not been instrumental -- takes it takes and one of the things that it takes is for example dealing with these kinds of special tax benefits another thing -- we've -- -- rationalize some of our major programs like Social Security.

Or that the health care programs we have.

Which is anybody knows what if it involves any huge amount of waste.

Yeah does anyone have the political will out there to do it and only now I don't I don't do not what they do not think because it's certainly not between now and election time what about apt they are -- will be don't know I -- -- well depends who wins we've seen what what happened with one administration frankly.

They didn't address these issues which was really the sad part of what they did come into -- with.

They did not really solved any of the major problems that we are faced as a country.

Yeah I don't I don't know anyone -- the political will to address that though even after election that's might hear the I don't really take.

If -- I disagree with that I could -- president and president who addresses this issue.

Will actually enhance his political -- we are looking in this country for political leadership we didn't get it.

We know we needed it the only way that you can get anything done as Ronald Reagan did with Tip -- the democratic speaker that's when they re -- -- revamp Social Security.

In 1983 when it was about to go bust we need that kind of bipartisan relationship.

And this administration has no relationship with the people on the other side of the -- -- the part of the problem.

So we we really are faced with the possibility of a major blow up in our economy at some point.

And it's gonna happen or we're gonna have years and years -- very slow growth camp Mort Zuckerman -- up for you okay half the fact --

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