If you missed Tim Cook’s interview on 60 Minutes on Sunday, watch how fired up the normally serene CEO gets when Charlie Rose asks him about the billions Apple is keeping overseas (email subscribers can find the video here):
I don’t blame Cook for being angry. I’ve been saying similar things for awhile now. Our corporate tax system is “awful for America.” It would be bad enough if we were growing at a decent, or even somewhat decent rate economically. But in this ‘new normal’ era of slow to no growth, it’s inexcusable.
It’s fashionable these days, especially in my industry, to style oneself as “socially liberal but fiscally conservative.” I might be one of the only hedge fund managers out there who claims the opposite. I tend to be to the right socially, but downright Krugman-esque when it comes to many fiscal issues. I’m passionately pro-immigration. I believe we should have government-funded healthcare. And I want more public spending on infrastructure and education.
I’ll also readily admit that wealthy individualslike me are under-taxed in this country. Businesses are another matter, though. Corporations are not people, and we shouldn’t be taxing them like they are.