Starbucks executive chairman Howard Schultz on Tuesday expressed concerns about the new tax-cut law’s impact on the national debt, saying that America’s youth will end up footing the bill.
In an interview on Fox Business Network’s “Mornings With Maria,” Schultz criticized the fact that the tax cuts are estimated to add than $1 trillion to the national debt, which already exceeds $20 trillion.
“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 tax bill, which President Trump signed into law in December, lowers the corporate tax rate from 35 percent to 21 percent.
Schultz said Starbucks got about a $500 million 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 noted that while the law offers significant tax cuts, it is not comprehensive tax reform. He argued the legislation could have done 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 that I think we’ll look back on and say we missed an opportunity to do a lot for the American people.”
During the interview, Schultz also weighed in on speculation that he may launch a 2020 presidential campaign. When asked if he’s planning to run, Schultz said he’s focused on helping the country as a private citizen.
“I am doing everything I possibly can as a private citizen to advance the cause of the country,” he said.