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Disney CEO: U.S. Corporate Taxes Are 'Too High,' Sanders Doesn't Understand Business

Disney CEO: U.S. Corporate Taxes Are 'Too High,' Sanders Doesn't Understand Business

Walt Disney Co (NYSE: DIS) CEO Bob Iger spoke with CNN Money, discussing corporate tax rates in the U.S. He assured corporate tax rates in the U.S. are among the highest in the world, making the country's tax system "ridiculously complex," and even "anti-competitive."

"It doesn't mean that a company shouldn't pay taxes, but I think the structure is off,” Iger stated. “I think there are too many loopholes that need to get closed… The tax rate should be lowered, and the loopholes should be closed," he added, without actually explaining how he would do that in charge of such a task.

Related Link: Disney Is About To Enter China's $180 Billion Media Industry

Some time ago, Bernie Sanders accused Disney of exploiting workers and paying salaries below the living wage. In a Facebook Inc (NASDAQ: FB) post, Iger responded: “We created 11,000 new jobs at Disneyland in the past decade, and our company has created 18,000 in the U.S. in the last five years. How many jobs have you created? What have you contributed to the U.S. economy?”

When asked about the issue, the CEO's response was “quick and very much to the point,” adding that Sanders’ comments showed a poor understanding and appreciation of business. “Business drives our economy,” Iger assured, “It creates jobs, it’s positive for the United States and for the world.”

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.

Posted-In: Bob Iger cnn moneyNews Legal Media Best of Benzinga


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