GOP tax bill: Rich can afford to pay more than small business, fmr. McDonald's CEO Rensi says

By PoliticsFOXBusiness

Reducing taxes will stimulate the economy: Fmr. McDonald’s CEO

Former McDonald’s CEO Ed Rensi weighs in on the House Republicans’ tax reform plan.

On Monday, the House Ways and Means Committee began its multi-day markup on the Republicans’ tax reform bill.

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The Proposed Tax Cuts and Jobs Act, which was unveiled Thursday, aims to cut the corporate tax rate from 35% to 20%.

Former McDonald’s (NYSE:MCD) USA CEO Ed Rensi told FOX Business that the bill is great for small business and needs to pass “right now.”

“All franchise restaurants are small business people and they [have to] keep more of their own money… Reducing taxes will stimulate the economy and we will grow and help pay down the damn deficit,” he told Stuart Varney on “Varney & Co.”

The bill also shrinks the tax brackets from seven to four with rates of 12%, 25%, 35% and 39.6%. Concerns in high-income states including New York, New Jersey and California could end up paying more under the plan, which in Rensi’s opinion is warranted and will stimulate the economy.

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“We can afford to pay those taxes a lot better than the small business man can or the shareholder that has stock [and] is trying to rely on that stock as a pension opportunity. So yea let’s raise the taxes on the rich.”

Republican lawmakers hope to have their bill on the House floor for a vote before Thanksgiving.

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