WASHINGTON – ITI, the global voice of the tech sector, welcomed tax reform blueprint rolled out today by House Republicans in what it sees as a long but necessary process to modernize the U.S. tax code. Technology companies have been increasingly spotlighting the need for a modern, competitive tax code in their conversations with lawmakers if the U.S. is to remain a magnet for leading firms driving technology advances.
“Simply put, our tax code is from a bygone era, it’s broken, and it no longer works for today’s modern economy to grow stronger,” said ITI President and CEO Dean Garfield. “This dynamic is especially true for the technology sector, which faces strong headwinds because the U.S. lacks modern tax rules for companies like ours that compete in markets around the world. While there are key details that still need to be flushed out, recognizing that our companies need a lower corporate rate, incentives for innovation, and a territorial system are key components to leading the digital economy in the decades to come. We thank Speaker Ryan and Chairman Brady for moving the process forward with the blueprint and hope it sparks a productive conversation.”
Garfield said that while this proposal is a first step in what will need to be a larger bipartisan effort, he noted that tax reform should be an issue which transcends party lines because it would make the U.S. more competitive, strengthen the economy, and spur future job creation. ITI has identified tax reform as a legislative priority, and the issue was included in a first-ever multi-tech group presidential platform presented to the leading candidates.
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