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The 113th Congress is poised to have a second half that is potentially as spectacular and certainly more significant than the historic comeback by the Indianapolis Colts in the National Football League playoffs this past weekend. Much like the football analysts on ESPN, the policy punditocracy have given up on the prospect for any real productivity from this Congress. We in the tech sector, however, [...]
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Senator Max Baucus, Chairman of the Senate Finance Committee, is well-known and regarded for his depth of knowledge, pragmatism, and bipartisanship. That’s why ITI has been patiently awaiting the release of his plan for comprehensive tax reform. While Christmas did not arrive early in the form of an actual bill, Chairman Baucus did release a staff discussion draft today with proposed reforms for [...]
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This week’s House and Senate vote on a short-term deal to re-open the government and extend the federal debt ceiling was the symbolic equivalent of a stroke victim taking his first few tentative yet positive steps in rehab. It’s not a perfect metaphor to describe the legislative paralysis that has gripped Washington, but it works when we think about what Congress needs to do going forward. With congressional [...]
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It was the legendary Chief Justice of the United States, John Marshall, who wrote the now famous phrase, “[T]he power to tax involves the power to destroy…” He would likely repeat those words if he could read through the Stop Tax Haven Abuse Act, introduced this week by U.S. Sen. Carl Levin, D-Mich. This legislation, if enacted, would direct the destructive power of the tax code on the global competitiveness [...]
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Prior to participating in a discussion with employees at Intel Corporation in Santa Clara, Calif., House Ways & Means Chairman Dave Camp and Senate Finance Chairman Max Baucus were given a brief tour of the Intel Museum. Among the many innovations created by this iconic company was the 386 microprocessor, a 32-bit chip that made it possible for personal computers to run more than one software application [...]
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Two recent op-eds in California papers reinforce the critical goals of corporate tax reform: Create jobs and strengthen the American economy. It doesn’t matter if you are a Democrat from Montana or a Republican from Michigan, a tech company in Boise or an entrepreneur in Austin. We all would benefit from a modern tax system that levels the global playing field so American companies can compete around [...]
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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 [...]
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There’s something that everyone agrees on when it comes to getting the U.S. economy back to full competitive strength: we need modern, comprehensive tax reform. Republicans, Democrats, working families, business leaders -- the broad range of the American public -- understand that our current tax system doesn’t help job creation. What’s in place now, an outdated corporate tax code last reformed in [...]
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Apple's Tim Cook is testifying in front of a Senate subcommittee on what Apple sees as a vastly simpler corporate tax structure to replace the outdated, overly complex structure that the U.S. has today. Listen to what he had to say in his opening statement. We'll have updates later this afternoon.
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The cameras were rolling in the Dirksen Senate Office Building today as Michigan Senator Carl Levin gaveled in his hearing on Apple’s tax practices. The news accounts will cover the fiery exchanges between senators (Senator Rand Paul of Kentucky, for instance, said that the hearing had one purpose, namely “to bully one of America's greatest success stories . . . If anyone should be on trial here, [...]
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