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CKE Restaurants CEO Andy Puzder on the Administration’s plan to raise taxes on the rich.
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-- President Obama today saying our country can avoid its own fiscal -- but the only solution he says is to raise taxes.
On Americans and businesses earning over 200.
50000 dollars a year a group of top CEOs also meeting with the president today saying they were encouraged.
But my next guest says raising tax rates will stifle business growth and cost jobs joining me now Andy -- CEO of CK restaurants.
That owns Carl's junior and -- good to have you with us let's have a -- -- -- let's start with the idea that.
That this president wants one point six trillion dollars in new taxes that's a heck of an initial.
Bargaining position is that.
While it is a -- the president talks about tax rates he wants tax rate increases.
Any converts that into dollars that the real question here is can you raise tax revenues the only where we're gonna raise enough revenues to get us out of trouble.
Is private sector growth and you're not gonna have private sector growth that you're telling the private sector you're gonna raise their taxes.
You're gonna raise our health care cost you're gonna raise their energy costs -- gonna raise their labor costs.
People aren't going to invest you aren't going to find the trying to job creation that you need look.
American business is what this president to succeed I didn't support -- I didn't vote for -- -- wanting to succeed because his success is tied to my success and and conversely his success is tied to the success of American business send up we'll tell you if he gets it there ought to be some common ground you're just not seeing that yet.
What do you think of the idea that a -- CEOs from big companies show for the White House to talk.
The talk big with the big guy but small business that creates most of the jobs in this country not represented.
These folks are present a fraction of our economy.
And they have a major.
Major.
Fortune all the lobbying efforts and the pressure that's applied in Washington what your reaction to that -- it.
Where these are good people they're Smart more that they're intelligent does that -- but but but you really have to look at kind of -- -- They're motivated different than small businesses would be motivated these what these large businesses can be the subject of government actions it's easy to kind of select them move them out -- you know they can be subject to attack.
They also are sometimes subsidized.
So they've got to worry about for subsidies they may have government contracts other concerned about government contracts small businesses are concerned with those things small businesses I think could make.
A much better case to the president.
-- what needs to be done in this economy to create jobs what would it take.
For small businesses and businessmen and women -- to create jobs and grow the economy he just needs to ask I think you get a very consistent answer across the broad spectrum.
He doesn't need to keep talking to the same very high level.
Executives that he's been talking do we need to get down into the -- -- -- a lower levels and talk to small businessmen and women.
Let's get -- you and I get down to some brass tacks here.
I -- you're talking about the raising the to operate the president is talking about it we're being dragged along whether.
Talking about almost 40%.
Raising operate about 40%.
You're talking about -- and we are -- the top.
2% paying about 50% of all the taxes.
I don't know what the impact will be.
But I do -- the sneaking suspicion that the president isn't aware that the the -- individual tax payments to this government.
Have risen by 25%.
Under the bush tax rates over the past two years.
And that the real answer is staring him and everybody else in the face that is -- wealth.
Yes -- private sector growth is the only way out of this the government's done everything it could possibly do 800 billion stimulus.
Interest rates are almost -- zero were printing money like it's going out of style.
The government's done what it can do we now need the private sector would bet that 39 point six tax -- tax rate.
You're you're you're not adding in the three point 8% Obama increase in payroll taxes it's really over 40%.
And that hit small businesses that are subject arrest corporations and that -- policies that are flow through entity.
The larger corporations see that the corporate tax rate go down that makes them feel very good.
But the businesses that are going to be hit by these tax increases are the very small and mid sized businesses that create jobs -- -- -- -- today and he before several -- and they are today sane people they're gonna hit -- obamacare are they getting hit with the energy increases and the labor cost and reportedly would have.
Well I've told you that I think that it makes some sense give him at the margin what he wants on taxes okay.
Whether that's on investment tax.
It's capping.
Deductions -- basically what Mitt Romney was proposal made a lot of sense I think to most folks.
Are you get that done.
And then say -- now what are you gonna do because you're gonna still be left if you -- all about up.
You're still going to be -- with a huge hole -- deficit and it's gonna have to mean.
Cutting the federal budget.
So even even if we increase the tax rates as you noted -- by the way deferred the top 1% in this country makes 17% of the income.
They pay 37% of the taxes on the edge so the fair share argument really isn't very event -- -- up against a hard out here -- man answered give us your last thought here.
Mr.
President please police work with the business community we want you to succeed.
But -- putting impediments that are -- that make it impossible we want -- to succeed we wanna succeed work with us -- work with us.
-- -- thanks for being with us.
