“The U.S. does not have a tax policy that makes sense, former General Electric chairman and CEO Jack Welch told CNBC on Tuesday,” Matthew J. Belvedere reports for CNBC. “Losing American corporations to overseas countries with lower corporate taxes would be a sin, he added.”

“‘We are giving away money … because we don’t have a rational tax policy,’ he said,” Belvedere reports. “‘I think we need to have a real national debate about our tax policy and what corporate taxes really mean. Who gets taxed when you tax a corporation? The consumer. The buyer,’ the former GE chief said. ‘Corporations sweat. They cry. They bleed. They do all these things,’ he continued. ‘The idea that [companies] are just bricks and mortar is nonsense.'”

“During Welch’s 20 years at the helm, GE’s market capitalization went from $14 billion to more than $410 billion,” Belvedere reports. “Asked whether he’d put himself on the CNBC 25 list [he's #13], the plain-talking Welch said: ‘Of course, I would … are you kidding me!’ He also said he liked the top two picks — Apple’s Steve Jobs and Microsoft’s Bill Gates.”

Read more in the full article here.

MacDailyNews Take: The U.S. corporate tax rate is simply way too high.

Under the current U.S. corporate tax system, it would be very expensive to repatriate that cash. Unfortunately, the tax code has not kept up with the digital age. The tax system handicaps American corporations in relation to our foreign competitors who don’t have such constraints on the free flow of capital… Apple has always believed in the simple, not the complex. You can see it in our products and the way we conduct ourselves. It is in this spirit that we recommend a dramatic simplification of the corporate tax code. This reform should be revenue neutral, eliminate all corporate tax expenditures, lower corporate income tax rates and implement a reasonable tax on foreign earnings that allows the free flow of capital back to the U.S. We make this recommendation with our eyes wide open, realizing this would likely increase Apple’s U.S. taxes. But we strongly believe such comprehensive reform would be fair to all taxpayers, would keep America globally competitive and would promote U.S. economic growth.Apple CEO Tim Cook, May 21, 2013

[Thanks to MacDailyNews Reader "Lynn Weiler" for the heads up.]

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