Sunday, October 30, 2011

Bill Clinton's Job Creation PEU

Fortune's Andy Serwer interviewed President Bill Clinton on how to create jobs.  The topic shifted to tax reform, where Clinton offered:

I would also like to see money repatriated now for free, with no taxes. We're the only rich country in the world that still imposes taxes on corporations on money they earn overseas. I think they ought to bring it back for nothing if they put people to work with it. And if they want to spend it on compensation or stock buybacks or dividends, let them pay the long-term capital gains rate.

This is essentially the deal private equity underwriters (PEUs) have for carried interest profits.  The Carlyle Group is a virtual nonprofit organization

One company pushing for Bill's recommended tax treatment is Apple, with Vice President Al Gore on the board.  Huck & Finn shill for those with the ability to pay more, but always want a break.  Note:  The Clinton Global Initiative annual meeting is #1 for CEOs