The co-founder of home depot said in an interview that he believes Donald Trump has the chance to be one of the best presidents ever, as he can correct the problems Obama caused.
Ken Langone said that if Trump can keep defying expectations, then there is no reason to believe that he will not be a great president. This is a unique time in which Trump and the GOP controlled congress has can deliver on promises made by the first outsider to be president.
Langone also praised Trump on his suggested border tax. “I can’t be more excited about a border tax” Langone said to CNBC, where said that the border levy would boost the dollar.
Advocates of the border tax argue that any burden on companies that rely heavily on imports would be offset by an increase in the dollar’s value due to the policy, thus negating the need for importers to hike prices for consumers.
“The border adjustment tax will work … for retailers, but [they’ve] got to think beyond the next quarter or the next six months,” Langone said.
Fellow billionaire Home Depot co-founder Bernie Marcus supports the border tax as well, said Langone. “If you took Bernie’s and my investment in Home Depot, it would probably add up to more than the total investment of all the CEOs of all the other major retailers. I would say we have some skin in the game,” Langone said.
“I wouldn’t be embracing this border adjustment tax if I thought it was going to hurt one of my biggest single investments, Home Depot,” he said.
“On border adjustment tax, given that there is no specific tax legislation to react to yet, the company hasn’t taken a position either way. We’re on the sidelines until the details are more clear,” a Home Depot spokesperson said.
Langone said about 20 percent of Home Depot’s products are imported.
“You’re going to have to be intelligent about how you implement it,” he said. “Take a Home Depot, give us time to renegotiate our contracts with our foreign sources.”