Technology Leaders Support the Repatriation of Overseas Profits
Washington, D.C. – TechNet, the bipartisan policy and political network of technology CEOs that promotes the growth of the innovation economy, today called on leaders in Washington, D.C. to create domestic economic growth by allowing U.S. companies to import overseas profits.
On Tuesday, Senator Carl Levin released a report that argues against returning profits earned from overseas activities to U.S. companies. TechNet is disappointed by and respectfully disagrees with the conclusions of Senator Levin’s report.
“Our current tax system places U.S. companies at a disadvantage to foreign rivals and severely discourages the use of overseas profits to create jobs and capital investments at home,” said Rey Ramsey, President and CEO of TechNet. “The fact is that American technology companies – which represent one of the few bright spots in our economy — conduct roughly 80% of their business overseas so these markets are absolutely vital to the health of our sector and to the overall economy. Our policy solutions must be doing everything they can to encourage these companies to create more value and job growth. Every day we hear our leaders talking about stimulus and jobs packages, yet this ready-made trillion dollar solution is repeatedly passed over and criticized. Rather than looking backward and painting the past in broad strokes, as this report does, now is the time to do everything we can to help American business compete and succeed in the global economy.”
Policymakers looking for ways to encourage economic growth and the competitiveness of U.S. companies have the ability to inject $1 trillion into the U.S. economy through a method that is paid for by companies, not the American taxpayers. TechNet looks forward to working with policymakers to enable the repatriation of overseas profits and unlock the full potential of America’s best economic growth engine.
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, D.C., Palo Alto, Sacramento, Seattle, Boston and Austin. Web address: www.technet.org <http://www.technet.org> <http://www.technet.org>. You can also follow us on Facebook and Twitter at @technetupdate.
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