Washington,
D.C.
— TechNet, the national, bipartisan network of innovation
economy CEOs and senior executives, welcomed today’s call to action by
President Trump in Missouri urging Congress to move forward with tax reform. The following statement can be attributed to
Linda Moore, President and CEO of TechNet:

“The
President’s speech today marks the beginning of the fall debate over tax
reform, and the time for action is upon us. For years, there’s been broad
agreement that our nation’s tax system is broken, but there hasn’t been
the political will to get meaningful reform accomplished. For
months, the foundation for this debate has been laid through hearings,
stakeholder listening sessions, and events around the country. We appreciate the work the administration,
House, and Senate leaders have already invested this year.

“The
U.S. has the highest corporate tax rate in the developed world – higher than
France, Brazil, Venezuela, and dozens of other nations. As a
consequence, there are $3 trillion in earnings from U.S. companies locked
overseas that otherwise could be invested in the American economy. This
makes no sense, and our tax laws should be reformed to encourage investment
here at home.

“The
last major overhaul of our nation’s tax code was in 1986 when many of today’s
leading technology companies were just in their infancy or did not exist at
all. Our tax system was built for a different era, and it’s imperative
that we now build a modern system that encourages innovation from dynamic
startups and iconic companies alike.

“TechNet
looks forward to the coming debate over our nation’s tax policies. If it
is done right, tax reform can jump-start our economy and usher in a new wave of
innovation and investment.”