WASHINGTON – The Information Technology Industry Council (ITI), the global voice for the technology sector's leading companies, issued the following statement from President and CEO Dean Garfield reacting to President Barack Obama’s proposed fiscal year 2016 budget for the federal government:
"The president is right to focus on economic growth and job creation for the middle class, but his approach is wrong. Certainly, focusing on STEM education programs, smart infrastructure projects to build a modern transportation system, and fixing our broken immigration system would drive undeniable economic benefits for the country.
“However, the proposal to tax companies’ overseas earnings, rather than making our tax code simpler and more competitive through reform, is an area that gives us significant pause. Today’s dysfunctional tax code traps nearly $2 trillion in sales revenue overseas instead of putting that money to work here growing businesses and hiring people. We urge the Administration and Congress to give our broken tax code a complete reboot so that our innovative technology companies can continue to drive America’s economic growth by leading the global marketplace.”
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