Former American Express CEO Harvey Golub said Thursday he wants to see Congress focus on tax cuts that would generate the most economic growth.
During an interview with FOX Business’ Neil Cavuto on “Cavuto: Coast-to-Coast,” Golub said a zero corporate tax rate would generate “extraordinary” growth and investment in the United States.
“Corporate tax rates ought to be zero. The fact that corporations don’t pay taxes it is simply a way of collecting money for the federal government without actually having the people who are paying it, pay it directly,” he said.
President Donald Trump on Wednesday vowed that his proposed tax cuts will benefit the middle class, and the rich “will not be gaining at all” under his plan.
“We’re looking for the middle class and looking for jobs, jobs meaning companies – looking at the middle class and jobs,” Trump said during a meeting with both Democratic and Republican lawmakers at the White House.
Earlier this week, the president led a bipartisan effort to get lawmakers to sign on to a tax reform plan by hosting a White House dinner for Democratic and Republican senators.
The former head of American Express proposes lowering the tax rate for everyone, but argues that a middle class tax cut won’t have significant economic growth implications.
“I would argue that the president and Congress should stick to their guns and if they get nothing other than a lowering of the corporate tax rate, I would argue a zero—that would be the best number—but any number below 20 is going to be better than where we are now,” Golub said.