Earlier this week Wednesday, Co-Founder and Co-CEO of Whole Foods John Mackey wrote an op-ed piece for the Wall Street Journal on how the United States is slowly losing its economic freedom. According to Mackey, our country is currently ranked ninth place for economic freedom down from third in the year 2000. Though our country is more economically free than a country like China, Mackey states that they are gaining more economic freedom causing their economy to grow while our freedom is decreasing causing our economy to “stagnate.” If we continue to slowly turn away from economic freedom, our economy and job market will continue to stagnate.
In reference to corporate taxes, Mackey believes that we need to get rid of the loop holes and tax preferences that are now present and level the playing field for all companies. If some companies find loop holes in their taxes and end up not having to pay as much as say, Whole Foods is, then that is not fair. Economic freedom wouldn’t allow that kind of tax favoritism. At the core, he believes that with more economic freedom and a reformed corporate tax bill, more jobs could be created in the country and the economy would be able to grow.
Check out his conversation with a correspondent from CNBC about his theory: