Taxes and Budget

Please join ITIF for a virtual panel discussion with technology policy experts who will highlight and critique the most counterproductive tech policies of the past year, and consider how the incoming administration and Congress can turn the page.

It is time for Congress to restore the immediate expensing of R&D expenditures by passing the Tax Relief for American Families and Workers Act of 2024.

Canada should drop its Digital Services Tax, which will harm Canadian businesses, startups, and consumers and surely lead to a retaliatory response by the U.S. government.

The next administration needs to place innovation, productivity, and competitiveness at the core of its economic policy. To that end, this report offers a comprehensive techno-economic agenda with 82 actionable policy recommendations.

The word “innovation” appears a total of 97 times and “productivity” 63 times in Canada’s 2024 federal budget, and many measures targeted towards innovation and productivity reflect that focus. However, some of the funds being disbursed are tangential at best to actually addressing Canada’s declining productivity and supporting Canada’s innovation ecosystem.

With the gradual shift from internal combustion to electric vehicles, it is only a matter of time before the nation will have to replace gas taxes with a vehicle miles traveled system to pay for road maintenance. The most sensible way to start would be with heavy trucks.

Instead of enacting counterproductive tax grabs from U.S. digital firms, Canada and others should wait for the OECD to complete its Base Erosion Profits Shifting (BEPS) plan.

The president’s budget proposal for the coming fiscal year serves as a blueprint for how the government plans to deliver on the promise to bolster U.S. investments in science and technology in a bid to outcompete China in key industries.

Congress should make good on its promise to appropriate authorizations in the Chips and Science Act to further energize innovation in clean energy and other critical technologies.

A robot tax is a misguided policy that would inhibit productivity growth that could otherwise make U.S. companies more competitive, create higher-paying jobs, and improve quality of life for all Americans.