TechNet: Tax Reform Plan Would Spur Innovation and Investment in the United States
Washington, D.C. — TechNet, the national, bipartisan network of innovation economy CEOs and senior executives, today announced its support for the unified framework for tax reform unveiled today that would modernize the U.S. tax code and spur innovation and investment in the United States. The following statement can be attributed to Linda Moore, President and CEO of TechNet:
“This tax reform plan would provide a needed jolt to our economy and create a new wave of innovation and investment in the United States. It will serve notice to our foreign competitors that America is stepping up its economic game by slashing the corporate tax rate and bringing it in line with the rates of other developed nations. Just as important as lowering the corporate tax rate, this plan would encourage businesses to invest $3 trillion in overseas earnings here at home.
“We’ve known for years that our nation’s tax system is broken and outdated. The last time the corporate tax code was updated was in 1986, a time when many of the companies that make up the innovation economy were in their infancy or did not yet exist.
“This proposal represents a significant chance to create more opportunities for more Americans and ensure that the United States continues to lead the world in technological innovation. This framework would achieve this in part by recognizing the importance of the research and development tax credit and preserving it.
“Congress should seize this moment and take up tax reform legislation as soon as possible. TechNet stands ready to work with the White House and members of Congress on both sides of the aisle to see that this proposal is improved, approved, and signed into law.”
TechNet is the national, bipartisan network of technology CEOs and senior executives that promotes the growth of the innovation economy by advocating a targeted policy agenda at the federal and 50-state level. TechNet’s diverse membership includes dynamic startups and the most iconic companies on the planet and represents more than 2.7 million employees in the fields of information technology, e-commerce, the sharing and gig economies, advanced energy, biotechnology, venture capital, and finance. TechNet has offices in Washington, D.C., Silicon Valley, San Francisco, Sacramento, Austin, Boston, Olympia, Albany, and Tallahassee.