Tags: CEOs | Washington | tax | economy

Corporate CEOs: Washington Can Create Conditions for Strong Growth

Friday, 15 Mar 2013 08:59 AM

By Dan Weil

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It is up to the government to foster an environment where the economy and U.S. companies can flourish, a group of corporate CEOs said at a roundtable this week.

They want a budget agreement, tax reform and immigration reform, Politico reports. But given the wide gap between the White House and House Republicans on these issues, an objective observer can only say: fat chance.

In any case, progress in those three areas would create almost 15 million jobs over the next several years and allow the economy to grow 4 percent, John Chambers, CEO of Cisco Systems, explained.

Editor's Note:
 
Prophetic Economist Warns: “It’s Curtains for America.” See Evidence.

“Consistency of policy is the No. 1 takeaway,” he noted, according to Politico.

Many of the CEOs say the budget stands as the top priority. “What we’re doing with the budget is no way to run company, let alone a country,” said John Doerr, a partner with venture capital firm Kleiner Perkins Caufield and Byers.

Not surprisingly, the CEOs want a lighter corporate tax burden. In particular, they want a tax holiday for their foreign profits. Currently, that money is taxed when companies bring it back to the United States, giving them incentive to park it overseas.

Steve Case, CEO of Revolution LLC and founder of AOL, explained that politicians on both sides focus on “what is separating them” rather than what they have in common, Politico reported.

“There are disincentives to come together,” Case said. “The solution is to come together around big things.”

Former GE CEO Jack Welch would like to see changes from the government too. “Pressing down [on the economy] from the top is an incredible array of new regulations,” he told CNBC.

The Obama administration has proposed 1,200 regulations, which is five times the total of the George W. Bush administration in its first four years and 3 ½ times the Clinton administration’s total for its first term, he noted.

If the government can ever cut companies a break on the regulatory front, the economy can grow a lot more strongly, Welch maintained. “This economy is really ready to go.”

Editor's Note: Prophetic Economist Warns: “It’s Curtains for America.” See Evidence.

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