WASHINGTON – Today the technology industry trade group ITI, the global voice of the tech sector, released the following statement from CEO and President Dean Garfield after Congressional leaders and the Trump Administration released details of their tax plan:
“This is a serious proposal that has the potential to jump-start the economy and is deserving of our serious attention and praise. We commend Congress and President Trump for their leadership in prioritizing tax reform. We share the goals of creating a globally competitive rate, moving to a territorial system, and protecting the R&D tax credit.
“Smart tax reform is the best way to grow the economy and put more money in the pockets of the American people. It has been 30 years since most Americans have seen any real wage gain. That was also last time we had tax reform.
“Tech companies continue to lead our nation in innovation and job creation but are held back by a tax code that predates the internet and digital economy. Congress has a golden opportunity to make the U.S. more globally competitive and level the playing field for American businesses by modernizing our current tax code. This plan offers an important springboard for the committees to work from. We look forward to reviewing legislative text when released and working with Congress and the administration to get a pro-growth tax bill to the president’s desk soon.”
ITI has been a leading voice for tax reform. Last week, it called for the European Union to continue multilateral cooperation and urged Congress to act on the issue. The tech industry considers tax reform a key legislative priority and ITI recently laid out its tax reform priorities for Congress to update the archaic tax code by focusing on:
- Lowering the corporate rate
- Moving to a territorial system in which profits are taxed where they occur, and
- Investing in innovation that is needed to bolster economic growth and U.S. job creation