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Starbucks' Howard Schultz: GOP Tax Plan Is 'Fool's Gold'

Image: Starbucks' Howard Schultz: GOP Tax Plan Is 'Fool's Gold'
Starbucks executive chairman Howard Schultz, right, speaks to a job seeker during the Opportunity Fair and Forum employment event in Dallas on May 19. (Photo: AP/LM Otero)

By    |   Tuesday, 14 Nov 2017 03:19 PM

Howard Shultz, the former CEO and current executive chairman of coffee chain Starbucks, said the Republican plan to cut taxes is “fool’s gold” that won’t help most people.

The tax plans presented by House and Senate Republicans call for slashing the corporate income tax rate from 35 [ercent to 20 percent. The only difference is that the Senate plan would implement the cuts in 2019, a year later than the House plan. Republicans say the cuts will help workers by increasing jobs and raising salaries.

"Corporate America does not need a corporate tax cut from 35 to 20 percent," Schultz said at a conference hosted by the New York Times. “This is not tax reform…This is a tax cut. This is fool's gold."

President Donald Trump campaigned on a pro-business platform that called for tax cuts, less business regulation and $1 trillion of government spending to rebuild roads, bridges and airports. Congressional Republicans are pushing for tax cuts to boost the economy going into midterm elections next fall.

Schultz, a self-described "lifelong Democrat" whose name has been floated as a possible presidential candidate, said he doubted that tax cuts will help most Americans who live paycheck to paycheck.

"Is that profit going to go back to the people who need it the most?" Schultz asked. "Is that going to help small businesses? Is that going to help half the country that doesn't have $400 in their bank account for a crisis? No."

Starbucks and Schultz have been outspoken on social issues.

Schultz drew attention in March for attacking President Trump, calling him “a president that is creating episodic chaos every day.” He said Trump's behavior was “no doubt affecting consumer behavior,” The Washington Post reported.

Starbucks earlier this year announced plans to hire 10,000 refugees by 2022 after President Trump’s executive order barring refugees from certain countries as a preventative measure against terrorism.

In response to Starbucks’ refugee hiring plan, consumers who supported President Trump started boycotting the chain, Fortune magazine reported.

The company responded to the backlash by saying it would speed up a 2013 goal of hiring 10,000 veterans and military spouses by next year. After reaching that goal earlier than expected, the coffee chain announced a new plan to hire 25,000 veterans by 2025, Business Insider reported.

Last summer, Muslim groups in Indonesia and Malaysia called for a boycott of Starbucks after accusing the coffee chain of being pro-gay.

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Howard Shultz, the former CEO and current executive chairman of coffee chain Starbucks, said the Republican plan to cut taxes is "fool's gold" that won't help most peopleThe tax plans presented by House and Senate Republicans call for slashing the corporate income tax rate...
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Tuesday, 14 Nov 2017 03:19 PM
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