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Billionaire investor Howard Marks says tax cut won't trickle down 'too much' to regular worker
Billionaire investor Howard Marks believes that the current Republican plan to cut the corporate tax rate will likely not trickle down to the benefit of regular workers and citizens. "I thought the request for a 20 percent tax rate was something you could give from and that they would compromise somewhere between that and 25. But a 20 percent tax rate for corporations is very low," said Marks on CNBC's " Power Lunch " Wednesday. "I think it doesn't trickle down too much," he added. "I think that some corporations and their owners do better. I saw on TV the other day somebody who said it was going to be shared with the workers and the customers: Not in my expectation.He was commenting on the current GOP effort to pass a tax overhaul. A key provision in both the House and Senate versions of the bill is a reduction of the corporate tax rate to 20 percent.Marks was speaking with CNBC at the Goldman Sachs financial services conference in New York. His company, Oaktree Capital, had $100 billion in assets under management as of September. He is perhaps best known for his prophetic investment notes, which correctly warned about the financial crisis and the dot-com bubble. The widely-followed investor also offered some comment on the increasingly-popular cryptocurrency, bitcoin (Exchange: BTC=) . "I'm more positive on it as a thing because I think it has uses, store of value, currency, et cetera," said Marks. "I'm not optimistic on it as a way to make money because – why should the fact that it can serve as a currency or store of value mean that it should appreciate in the future. I don't see the connection there.""The point is: Increasingly, people are willing to accept it as a currency. But what does that mean? That means, for the most part, you go out you buy a bitcoin, you give it to me and I turn it back into dollars right away. Most people are not going to actually conduct their businesses in bitcoin."Marks had previously warned clients away from cryptocurrencies earlier in the year as "an unfounded fad (or perhaps even a pyramid scheme)," but has walked back those statements as the year progressed.The manager admitted in September that his original assessment of bitcoin was incomplete, and agreed that it could be used as a form of payment.WATCH: Marks not optimistic on bitcoin as a way to make money Billionaire investor Howard Marks believes that the current Republican plan to cut the corporate tax rate will likely not trickle down to the benefit of regular workers and citizens. "I thought the request for a 20 percent tax rate was something you could give from and that they would compromise somewhere between that and 25. But a 20 percent tax rate for corporations is very low," said Marks on CNBC's " Power Lunch " Wednesday. "I think it doesn't trickle down too much," he added. "I think that some corporations and their owners do better. I saw on TV the other day somebody who said it was going to be shared with the workers and the customers: Not in my expectation. He was commenting on the current GOP effort to pass a tax overhaul. A key provision in both the House and Senate versions of the bill is a reduction of the corporate tax rate to 20 percent. Marks was speaking with CNBC at the Goldman Sachs financial services conference in New York. His company, Oaktree Capital, had $100 billion in assets under management as of September. He is perhaps best known for his prophetic investment notes, which correctly warned about the financial crisis and the dot-com bubble. The widely-followed investor also offered some comment on the increasingly-popular cryptocurrency, bitcoin (Exchange: BTC=) . "I'm more positive on it as a thing because I think it has uses, store of value, currency, et cetera," said Marks. "I'm not optimistic on it as a way to make money because – why should the fact that it can serve as a currency or store of value mean that it should appreciate in the future. I don't see the connection there." "The point is: Increasingly, people are willing to accept it as a currency. But what does that mean? That means, for the most part, you go out you buy a bitcoin, you give it to me and I turn it back into dollars right away. Most people are not going to actually conduct their businesses in bitcoin." Marks had previously warned clients away from cryptocurrencies earlier in the year as "an unfounded fad (or perhaps even a pyramid scheme)," but has walked back those statements as the year progressed. The manager admitted in September that his original assessment of bitcoin was incomplete, and agreed that it could be used as a form of payment. WATCH: Marks not optimistic on bitcoin as a way to make money
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