(CBS News) -- Former General Electric CEO Jack Welch says President Barack Obama is moving in the right direction on corporate taxes and there's "no question the economy is picking up," but he will still support whoever wins the Republican nomination in November's general election.
Mr. Obama is expected to propose lowering corporate tax rates from 35 percent to 28 percent Wednesday, while closing loopholes and ending subsidies to corporations.
Appearing on "CBS This Morning," Welch said that Mr. Obama is "clearly" on the right path in terms of corporate tax policy and "as long as they go in this direction, it's all good." Still, he doesn't anticipate anything concrete happening on corporate taxes in an election year.
The former GE executive also weighed in on the issue of taxes and wealth, which has become a hot-button issue after billionaire investor Warren Buffett said wealthy Americans like himself should pay a higher tax rate.
"I pay over 30 percent every year. It depends where you come from. ... I don't feel under-taxed in any way at all," Welch said.
Assessing the race for the White House, Welch said that Republicans have taken their eye off ball recently, letting social issues, not the economy, dominate the debate.
"It's going to depend on who has the best economic program, who, in fact, can assure the American people that they're interested in jobs," he said.
But regardless of who wins the nomination, Welch said he would support that candidate over Mr. Obama.