Jeffrey Immelt, CEO of General Electric and President Obama’s “jobs czar,” criticized the current American tax system while apparently opposing President Obama’s call for tax increases to pay for jobs spending.
According to a preview of his interview with “60 Minutes” on CBS, airing this Sunday, Immelt recommended a tax code like that found in some European countries
I think we should have basically the same tax policy that Germany, Japan, the UK – everybody else has, which is a tax rate in the mid-20s and no loopholes. Zero,” he tells Stahl. “The U.S. has the most antiquated tax system. And that means some people are going to pay more taxes, and some people are going to pay less,” Immelt says.
By mentioning the “mid-20s” tax rate, Immelt seems to endorse former President Bill Clinton’s suggestion that the United States corporate rate be cut. “We should cut the [corporate tax] rate to 25 percent, or whatever’s competitive, and eliminate a lot of the deductions so that we still get a fair amount,” Clinton said in July.