“We believe that U.S. tax policy, as it stands, incentivizes short-term behavior"
BlackRock’s Chief, Laurence Fink, Urges Other C.E.O.s to Stop Being So Nice to Investors - NYTimes.com
“The effects of the short-termist phenomenon are troubling both to those seeking to save for long-term goals such as retirement and for our broader economy”
“innovation, skilled work forces or essential capital expenditures necessary to sustain long-term growth”
"a discouraging message about a company’s ability to use its resources wisely and develop a coherent plan to create value over the long term”
“Investors need to focus on long-term strategies and long-term outcomes,” Mr. Fink said, suggesting we’re currently living in a “gambling society.”
“We believe that U.S. tax policy, as it stands, incentivizes short-term behavior. Since when was one year considered a long-term investment? A more effective structure would be to grant long-term treatment only after three years, and then to decrease the tax rate for each year of ownership beyond that, potentially dropping to zero after 10 years.”
"In short, tax reform that promotes long-term investment will benefit both the companies who rely on capital markets and the hundreds of millions of people saving for retirement.”
To Mr. Fink, the shortsightedness that pervades corporate America is just a symptom of a larger issue. “This is not just a corporate problem,” he said. “It’s a societal problem, whether it’s health care or politics or business.”
Despite his protestations, Mr. Fink said, “There is nothing inherently wrong with returning capital to shareholders in a measured fashion.” He added, “Nor are the demands of activists necessarily at odds with the interests of other shareholders.” But it’s when it is taken to extremes — such as it seems to be in the current marketplace — that has Mr. Fink concerned.
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