The U.S. needs comprehensive tax reform "so that U.S. corporations, small, medium-size and large, can have a level playing field," Coca-Cola Chairman Muhtar Kent told CNBC Thursday.
"It's long overdue," he said during the Allen & Co. media conference in Sun Valley, Idaho. Kent said that from a long-term perspective, it is tax reform "that keeps the United States competitive" with foreign corporations.
Along with simplifying the tax code, simplify bureaucracy to make it easier for business to operate, Kent said. "We have to make life less cumbersome and business less cumbersome so it can be more competitive."