Coca-Cola CEO: tax reform "long overdue"

During a joint appearance on CNBC's "Squawk Box" this week, the chief executive of Coca-Cola Co. and investor Warren Buffett argued for a reform of the United States' tax code and a streamlining of bureaucracy.

"The real necessity right now is to reform tax all together in the U.S. so that U.S. corporations -- small, medium-size and large -- can have a level playing field," said Muhtar Kent, chairman and chief executive of Coca-Cola. "It's long overdue to have tax reform in the United States."

Kent argued that changing rules on repatriating profits from overseas would be a "Band-Aid." The real goal is to create a tax code that doesn't put U.S. companies in a weak position versus their overseas competitors, he said.

Buffett, Coca-Cola's largest shareholder, said simplifying the tax code is a daunting challenge that will take  a combination of "leadership and outrage."

"Every line in the tax code has a protector," he said.

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