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Paul Mitchell CEO John Paul DeJoria weighs in on corporate tax policy and the economy.
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Wired -- -- back to that story a little bit later on but this is a developing story as well as rich people in France of it all worked up about this new tax proposal from their new president.
Friends -- -- promising to introduce a 75%.
Tax rate on incomes above one million euros I'd be.
About one point 24 million dollars can this happen here again.
John Paul -- Doria is the CEO and co-founder Paul Mitchell co-founder of -- Tron spirits company -- always say that wrong bad patrol.
Could that well I don't need to say it.
It just need to during did that come all that's exactly attitude it's good to see you do you think 75%.
Tax rate in France could that happen here again because we I had that tax -- it.
Yeah we did it -- up I doubt it very much of that of -- France is doing it they're not learning from what happened in England a couple of decades ago.
What the taxes were that high famous people like the rolling stones' Mick -- -- became for example a citizen of Nicaragua.
When you overtaxed those that are creating business and money they they don't -- very excited about creating new things within that structure.
And you don't even raise much revenue because is not that many people that would have to pay this evening and bring in union accomplish your goal necessarily but that to your point you just -- when asked about it.
How much of your decision making as a business person business owners affected by tax rates.
Well I'm a little different I'm not a deep chill guy I depend on accounts like have so much stuff found I can't keep track of it -- so my accountants and attorneys helped me with that -- I just thought there induce of that -- -- make -- business' best I can grow a business is the same time -- other businesses so other people could appreciate it.
What year did you -- -- -- -- found on Paul Mitchell 198019.
ADR Wright and 1980 the top tax rate in this country was still 70%.
So.
Did you do when you for fan of the company did you ever think about that that I don't think.
It was 7% 1980 let's just say it was -- beware of leave with that but we even think -- -- thing was how do we eat -- only thing is not a weekly money to eat.
It's thought well I'm.
Do you were burning up yesterday gaga had moving at a senate today it was -- -- percent until 1981 until Reagan Florida.
But your earlier question was about whether this should never happen again right we started this.
Talked yesterday but we never really had a chance to finish it an asset now and I said yeah I still I feel like they can't agree and congress to do the most simple.
Of items that they're never gonna agree on something like -- 70% tax rate again in this environment.
But -- -- it's also politicians are doing that not business people what the nation needs is business people get in there.
Help re organize this government like a business they're running it like politicians.
That's -- Reseda California.
So many counties and cities are going belly up right now there should go bankrupt several about.
Because they're being run not like -- business for -- be run like let's do -- the money will come tomorrow in this study do things.
There is good news now here's why don't think it's gonna happen.
Did you know that right now.
Our exports have gone up imports have gone down.
The best racial we've had since 2010.
Things are getting better because of good business I think -- government gets involved in Texas people too much.
They're gonna Lucent and sent -- I wouldn't be better to work with people -- we -- make more money together.
Do you under do you worry about the attitude toward the rich in this country because the attitude in France the reason that the president would do this is -- 'cause.
Well it win some votes and matter what people want to hear very socialist society do -- that attitude here is changing that.
Being rich is not OK and making money is not I think I would.
A lot of people think that -- but not the majority of a member of a group of seven the people.
Warren Buffett Bill Gates a few -- with the pleasures we all pledged that in our lifetime -- shortly after we die we're giving away half of our wealth OK so.
But the nation these four people like us who we are doing things -- not to instantly we're doing little bit that we raise -- -- we race that we raise it.
So what you really want to do is encourage wealth -- as much as they can't help others get to that same point.
It was -- bought taxation.
That no one has seen sentiment the other advocate everything for free what's the incentive to work hard.
Like we used to we need to work hard we -- we we need to work honestly and -- things properly.
Not just be taxed and create.
He socialistic society like France or some of these other -- out.
It's not right the country will fall apart if it doesn't count politics -- it's always a pleasure being here is duration of having down to of America still works.
Thanks to -- on that -- that they got fed they're right right away that absolute.
