The growing deficit and broken tax policies are killing job creation and causing long term damage to the middle class of the US, Steve Wynn, chairman and CEO of Wynn Resorts, told CNBC Friday.
“If we continue to allow the economy of America to suffer from deficits, then every single working person in America will be damaged,” said Wynn.
Current government policies do not focus on job creation and only increase the national debt, sending a message to the American public that the future is bleak, said Wynn.
“Its one thing to say we are going to create jobless benefits, but that doesn’t make someone believe in tomorrow, that doesn’t give them confidence,” said Wynn. “What gives people a better life is a job and our government I think has lost its focus on job creation.”
The solution to record debt and an ailing job market, however, is more spending, but in the form of tax credits, and a reformed tax policy, Wynn said.
“The Federal government’s most powerful weapon is its tax policy and the restraint of federal power is the most dynamic use of federal power,” said Wynn
A $30,000 tax credit per hired employee for a permanent position that all companies in the country are eligible for would create three to four million jobs in a “very short period of time,” Wynn said.
But current proposals to tax the wealthy more to help offset government debt will fail and prove detrimental to the country.
“The notion that you can over tax people that have money has been proven wrong over and over and over again and socialism and versions of it have been proven in every single example you can ever examine to be a failure in the world,” said Wynn. “What works is discipline and the Administration and the Congress have to come to grips.”