- Aug 4, 2009
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The Republican tax cuts won't trickle down, CEO writes in scathing op-ed
It's not a surprise to Todd Carmichael, co-founder and CEO of La Colombe Coffee Roasters in Philadelphia.
"I can tell you what no other CEO wants to tell you," Carmichael writes in an op-ed in The Philadelphia Inquirer: "A half-trillion dollars of corporate tax giveaways proposed by the GOP aren't going to do a thing for the middle class, or create a single job. Because what every CEO knows but won't tell you is this: A tax break for their company simply means a fatter bottom line. Not jobs. Not investment." CEOs have "a powerful fiduciary duty to return all profits to shareholders — not to the employees, or the suppliers, or the community and certainly not to the unemployed or left behind," he explained. "Profit goes to shareholders (and the CEO) and not to the employees."
Just like when we cut taxes before. Cut taxes on the wealthy........and they just keep it
It's not a surprise to Todd Carmichael, co-founder and CEO of La Colombe Coffee Roasters in Philadelphia.
"I can tell you what no other CEO wants to tell you," Carmichael writes in an op-ed in The Philadelphia Inquirer: "A half-trillion dollars of corporate tax giveaways proposed by the GOP aren't going to do a thing for the middle class, or create a single job. Because what every CEO knows but won't tell you is this: A tax break for their company simply means a fatter bottom line. Not jobs. Not investment." CEOs have "a powerful fiduciary duty to return all profits to shareholders — not to the employees, or the suppliers, or the community and certainly not to the unemployed or left behind," he explained. "Profit goes to shareholders (and the CEO) and not to the employees."
Just like when we cut taxes before. Cut taxes on the wealthy........and they just keep it