CEOs asking for Tax Cuts

President Obama and 100 CEOs of top companies in the nation recently had a meeting to discuss methods they could use to create more jobs and get the economy going. In this article, some of the potential ideas brought up in the meeting are shared and analyzed.

The current corporate income tax is at 35%, and the CEOs said that they wish for it to be dropped down to 25%. They also wish for health care taxes and wall street regulations to be completely cut out. They claim that if these demands are made that they will be able to create a large amount of jobs and help out the economy quite a bit. As we discussed is class, there are generally only two things one can do to improve the economy. One is to cut the amount of taxes people must pay and the other to cut government spending. CEOs of the business seem to have already decided which method they wish to use, which is cut there taxes (leakage) and they'll get more work done with the money they get to keep in their pockets/companies. Another tax the CEOs wished to remove was the tax on overseas earnings. As of right now, as long as the earnings are kept overseas the government wont touch it, but as soon as they enter the country they are taxed. The CEOs claimed that if this tax and a few others were excused, that they could get a lot more done, and ultimately bring in more and create many more jobs.