President Barack Obama's plan to hike taxes on corporations and wealthy individuals to help the middle class and boost the economy won't work, Cypress Semiconductor CEO T.J. Rodgers told CNBC Thursday.
"It is going to take money from productive use, either from investment of wealthy individuals or from companies, and put it to unproductive use. More cash for clunkers, more things that don't create an economy," Rodgers said in an interview with "Closing Bell."
"A job in a stable company is what we need, not more taxes going to Washington."
On Monday, the president unveiled a proposed $3.99 trillion budget for the fiscal year 2016. It calls for a one-time, 14 percent tax on an estimated $2.1 trillion in profits piled up abroad by companies such as General Electric and Microsoft, while imposing a 19 percent tax on U.S. companies' future foreign earnings.