WASHINGTON – Today technology industry trade group ITI released a statement after congressional leadership and White House officials released their joint statement on tax reform:
“For tech, tax reform ‘done right’ can’t come soon enough,” said Andy Halataei, senior vice president of Government Affairs. “To have Congress and the White House unified like this means that not only is the band getting together, they’re singing the same tune. Even as our companies innovate, create good jobs and drive the economy to new heights, we labor under an antiquated tax code predating the internet. The resulting dysfunction holds the US economy back from its true potential, and it creates serious friction for our companies as we try to compete around the world. With congressional committees being given the green light, we look forward to reviewing the details of their proposals this fall and working with lawmakers to modernize our tax code so that it unleashes future US innovation.”
The tech industry considers tax reform a key legislative priority, and ITI most recently laid out its tax reform priorities for Congress to update an archaic tax code by focusing on lowering the corporate rate, moving to a territorial system in which profits are taxed where they occur, and investing in innovation that is needed to bolster economic growth and US job creation.