WASHINGTON (May 20, 2013) - In anticipation of tomorrow's Senate Subcommittee on Investigations hearing, "Offshore Profit Shifting and the U.S. Tax Code," which will feature Apple CEO Tim Cook, Robert Atkinson, President of the Information Technology and Innovation Foundation (ITIF), releases the following statement:
"America is in a global race for innovation advantage and policy makers around the world are enacting forward-thinking policies to make their nations more attractive for global investment. Unfortunately, instead of focusing on the reforms the U.S. needs to keep pace, some policymakers focus on blaming corporations for choosing to move jobs offshore or legally deferring foreign profits to reduce their tax burden.
Blame is not a strategy. Shame is not a policy. Instead of berating U.S. companies for being unpatriotic, Congress would be better advised to put in place the comprehensive changes needed to make the U.S. economy more competitive, including a lower effective corporate tax rate, expansion of the R&D tax credit and enhanced government investment in research and technology development. These actions constitute a real competitiveness strategy that would have real results."
The Information Technology and Innovation Foundation (ITIF) is a non-profit, non-partisan think tank whose mission is to formulate and promote public policies to advance technological innovation and productivity internationally, in Washington, and in the states. Recognizing the vital role of technology in ensuring prosperity, ITIF focuses on innovation, productivity, and digital economy issues. Learn more at www.itif.org.