Senate Finance Committee Chairman Max Baucus and House Ways & Means Committee Chairman Dave Camp are taking their “Max & Dave” Tax Reform Tour to Silicon Valley later this month. One of the stops will be at the Intel Corporation, an ITI member and one of the U.S. economy’s innovation cornerstones.
The chairmen’s visit to the Valley will give them the opportunity to hear about the significance of tax reform for the future competitiveness of American companies and American workers. Already, they have a pretty good handle on the challenge.
|“America’s tax code is inefficient, outdated, and overly complex. It is stifling innovation and holding back America’s economic growth,” Baucus and Camp said in a joint statement. “We have a chance to fix the broken code so more jobs are created and paychecks get bigger. It is a challenge we are ready to take on. Tax reform can fuel new research and development. It can boost the economy, create jobs, and make U.S. businesses more competitive at home and in the global marketplace. Most of all, it can provide a real shot in the arm that America needs in a struggling economy.”|
We agree on every single point.
It’s time to upgrade the U.S. tax code to create jobs and attract investments in places like Silicon Valley and similar emerging innovation hubs across our country. We have a chance to get it right. And when we do, we can create a system that boosts American job creation and expands investments here at home. There are three key components to a pro-growth, job-creating tax structure:
- Make the tax code competitive with the rest of the world by lowering the world’s highest corporate tax rate;
- Bring investments home by adopting a competitive, market-based tax system; and,
- Bolster America’s leadership in research and development with a permanent innovation incentive.
Technology and innovation together continue to change the way we live and work while creating new opportunities, businesses, and jobs in America. U.S. tech companies are central to our nation’s economic growth. With nearly 6 million employees today, we’re creating jobs and opportunities in every state. Yet, our ability to grow and put people to work is held back a tax code that is out-of-step with the realities of today’s hypercompetitive global marketplace.
Pack your SPF 50, Mr. Chairmen, and take a notebook. You’re going to hear some good ideas for fixing America’s broken tax code when you head west.