Puzder was chief executive officer of CKE Restaurants and is currently a senior fellow at the Pepperdine University School of Public Policy.
In the column, both men praised U.S. President Donald Trump for “an extraordinary job” slowing the spread of the coronavirus by, among other things, banning travel with China.
“But make no mistake, the efforts of China’s communist overlords to conceal and destroy evidence regarding COVID-19; including silencing their own people, expose this regime’s true intentions: to preserve their power and evade responsibility for their gross misconduct. Communist leaders prioritized regime control over the safety of the Chinese people, the world’s health, and the global economy,” Hagerty and Puzder wrote.
“This isn’t the first time it has been necessary for President Trump to stand up to the Communist Chinese regime. He kept his campaign promise and took on their unfair trade practices, which included heavy subsidies for China’s state-controlled industries, forced technology transfers for firms seeking access to China’s domestic markets, and outright theft of intellectual property. Using targeted tariffs, President Trump pressured China to end its abusive trade practices. The Communist leaders finally came to the negotiating table and signed the historical ‘Phase One’ trade deal with America.”
In order to rebound quickly from the set-back precipitated by the Wuhan virus, both men said we must further reduce taxes for all American enterprises and continue to streamline our regulations and permitting requirements.
“To encourage investment, Congress should also allow companies to deduct from taxable income 100 percent of all capital expenditures in the year they are made,” Hagerty and Puzder wrote. “As recently stated by White House economic advisor Larry Kudlow ‘if we had 100 percent immediate expensing we would literally pay the moving costs of American companies from China back to the U.S.’”
“These basic steps would enhance after-tax returns and attract more capital for investment here at home, further accelerating the movement of U.S. supply chains back from China. Additionally, we must encourage work by targeting job training and skills development so our workforce is ready for the jobs to come,” the editorial said.
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