Friday, August 12, 2011

Dear Mr. President

When asked by Neil Cavuto on his daily Fox News television show (8/12/2011) what he would tell the President if he had an opportunity, Mr. T. J. Rodgers, CEO of Cypress Semiconductors said the following:

“The government has to get smaller. We have to take a smaller fraction of the money [that is in] unproductive government investments where they are investing in green energy which is a long shot investment, which has a low return on investment. We have to put that money back with companies and people. Let me take myself. I’m one of those wealthy people [from whom] they say you should take more money. Well, ok, I have a lot of unused money. 95% of my money is unused. I have it invested. The question is: Is the country going to get better off if the government, for example, takes a million dollars from me in the form of taxes. My money is invested in companies in Silicon Valley, battery companies that are going to make the next generation of batteries in the world, semi-conductor companies, electronic companies that I know personally in Silicon Valley. So when the government taxes me, it takes a million dollars of my money which is invested and it goes to Washington and I’ll just ask a rhetorical question: Is that money going to be better invested in Washington? And therefore, if we raise taxes on the wealthy which is one of the suggestions, we will simply be moving money from productive investments from the wealthy who know how to make investments to unproductive investments and pork barrel projects and overall the country will be less competitive.”

-T.J. Rodgers Cypress Semiconductor CEO – on Neil Cavuto Show 8/12/11

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