In an interview on Fox Business Network’s “Mornings With Maria” Tuesday, Starbucks Executive Chairman Howard Schultz expressed concerns about the new GOP tax law’s impact on the national debt, saying “we are robbing from the future of young people.”
“I think we are not paying much attention to that while we are robbing from the future of young people in America who ultimately are going to have to pay for a $21 trillion tax deficit,” he said.
The Hill added:
The tax law, which President Trump signed in December, lowers the corporate tax rate from 35 percent to 21 percent.
Schultz said that Starbucks got about a $500 billion benefit due to the new law. His company is one of a number of businesses that announced raises and new benefits following the measure’s passage.
“I personally did not believe that America needed a 21 percent corporate tax cut,” Schultz said. “But as a result of that, we gave a significant part of that tax benefit back to our people on top of what we had already done over the last couple of years.”
Schultz said he thinks the law could have done more to help “Americans who are being left behind.”
“I think this could have been tied to infrastructure, this could have been tied to education and learning,” he said. “There are a number of opportunities we’ll look back on and say we missed an opportunity to do a lot more for the American people.”
When asked if he’s planning to run for president in 2020, Schultz said “I am doing everything I possibly can as a private citizen to advance the cause of the country.”