Wednesday, January 11, 2017

Safra Catz: Steven Mnuchin Will Get America Growing Again

The Hill
Editorial
1/10/2017
Click here
In Silicon Valley, we don’t measure progress incrementally, and we don’t spend a lot of time thinking about how to come in second or third place.
Bold change requires a new way of thinking, and President-elect Donald Trump has demonstrated this type of leadership with his choice for Treasury secretary, Steven Mnuchin.
Like the President-elect, Mnuchin is not only a true outsider to Washington, but he understands how the economy works and how business works. This is exactly the type of experience and leadership our country needs to grow the economy for all Americans.
Mnuchin understands the importance of free markets and access to capital. From Main Street businesses to the Fortune 500 companies, he understands the impact of excess regulation and knows how to grow wages.
As a regional banker, Mnuchin loaned money to individuals, families, farmers and small businesses. At Goldman Sachs he managed 5,000 employees and a $1 billion annual technology budget.
He knows how to help hardworking Americans achieve success, how to make our country competitive and how to engage technology and people. Importantly, he understands how currency impacts trade, and he will represent America on the global stage.
As Treasury secretary, Mnuchin will restore robust economic growth through lower taxes, higher wages and less burdensome government regulation. At the top of his policy agenda is reforming our complex, cumbersome and counterproductive tax code for everyone.
He proposes reducing business taxes to bring the tax burden on U.S. businesses more in line with that of our global competitors, and creating a tax system that favors companies that produce goods and services in the U.S., thereby creating jobs here.
This system will benefit the American student, the American family, the American worker, the American employer and the American entrepreneur by valuing their efforts and equalizing the tax burden to make us more competitive and, quite frankly, more successful.
Mnuchin also wants to put more money in people’s pockets by simplifying and reducing taxes on individuals, particularly the middle class. In addition, he will bring back more than $2.6 trillion in revenue that American companies have earned in foreign markets, now stranded by tax policies enacted in the 1960s.
Mnuchin understands why the U.S. economy hasn’t performed up to its full potential. He has a clear plan to fix it, which is why he needs to be confirmed quickly so he can hit the ground running as close to Jan. 20 as possible.
Mnuchin and President-elect Trump will disrupt the status quo and promote higher growth and better wages. That’s exactly what we need right now.
Safra Catz is chief executive officer of Oracle Corporation.
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