TechNet Supports U.S. House Introduction of Freedom to Invest Act
Washington, DC – TechNet, the leading bipartisan policy and political network of CEOs that promotes the growth of the innovation economy, today applauded the introduction of the Freedom to Invest Act, legislation offered by a bipartisan group of U.S. House of Representatives members that would temporarily lower a current barrier in the tax code to encourage American companies selling their goods and services overseas to bring those earnings back domestic investment.
Today, the United States has one of the highest corporate tax rates in the world at 35 percent which puts businesses at a disadvantage vis-à-vis its global competition. What’s more, this complicated structure has stranded more than $1 trillion dollars in capital earned by American companies and workers outside our borders due to an out-dated tax structure which penalizes U.S. companies. for bringing global earnings dollars back home to invest in the United States.
“TechNet applauds this bipartisan effort,” said Rey Ramsey, President and CEO of TechNet. “Our companies in the tech sector sell more than 80 percent of our products overseas so the high corporate tax rate makes us less competitive against other nations that have lower rates. This is smart legislation that gives American companies an opportunity to bring overseas earnings home. Reinvesting that money here in the United States would create new jobs and could help fuel the nation’s economic recovery.”
The Freedom to Invest Act was sponsored in the U.S. House by Representatives Kevin Brady (R-TX), Jim Matheson (D-UT), Robert Dold (R-IL), Jim Cooper (D-TN), Devin Nunes (R-CA) and Jared Polis (D-CO).
TechNet is the national, bipartisan network of CEOs that promotes the growth of technology industries and the economy by building long-term relationships between technology leaders and policymakers and by advocating a targeted policy agenda. TechNet’s members represent more than one million employees in the fields of information technology, biotechnology, e-commerce and finance. TechNet has offices in Washington, DC, Palo Alto, Sacramento, Seattle, Boston and Austin. Web address: www.technet.org. You can also follow us on Facebook and Twitter at @technetupdate.
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