Tags: Mexico | Carlos | Slim | US | Taxes

Mexico’s Carlos Slim: US Needs Fair Taxes, Not Higher Taxes

Tuesday, 27 Sep 2011 12:55 PM

The United States doesn't need to hike taxes on the rich but rather needs a fair system that should consider raising taxes on capital gains, says Carlos Slim, a Mexican telecommunications mogul and the world's richest human.

"I think that the fiscal policy should be fair. You don’t need to raise taxes on rich people, because they create capitalization and investment. But you need to tax speculation — meaning capital gains. Why should it be just 15 percent? Salaried people pay 35 percent. Why shouldn’t that be paid on capital gains?" Slim tells The Daily Beast.

Turning to government spending, Slim points out that welfare policies aren't working anywhere.
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"The welfare policies that you are following — you and Europe — are unsustainable," Slim says.

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Carlos Slim
(Getty Images photo)
"You cannot have people retiring at 60 years old and you cannot provide universal healthcare the way you do. That’s crazy. The focus should be the support of small and middle-sized business. That is where the employment is. And there should be investment in the real economy."

Investing in the real economy doesn't include excessive fiscal and monetary spending.

"Aside from lowering taxes, we should be directing more money to the real economy, not to the financial economy. The volatility of the markets is so great that more is won or lost in a single day than in five years of accumulated interest. And that’s not a good thing."

Consumer spending accounts for about 70 percent of U.S. economic output but confidence in the economy remains low.

The Conference Board's consumer confidence index in September came to 45.4, a hair higher than 45. 2 in August, both dismal numbers, the AFP newswire reports.

"The pessimism that shrouded consumers last month has spilled over into September," says Lynn Franco, research chief at the Conference Board.

"Consumers expressed greater concern about their expected earnings, a sign that does not bode well for spending."

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The United States doesn't need to hike taxes on the rich but rather needs a fair system that should consider raising taxes on capital gains, says Carlos Slim, a Mexican telecommunications mogul and the world's richest human. I think that the fiscal policy should be fair....
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Tuesday, 27 Sep 2011 12:55 PM
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