Taxes

FRB-Atlanta Meeting on Market Conditions for Small Business Growth

March 5, 2012
| Presentations

On March 5, 2012, Senior Analyst Stephen Ezell will participate in a round table for the Federal Reserve Bank-Atlanta on market conditions for small business growth and access to risk capital.

Both Winners and Losers Are Cool to Obama's Corporate Tax Reform

The Hill
“The major thing the tax code needs to do is ensure that companies that are in global competition are not disadvantaged,” says Rob Atkinson.

Experts React to Obama’s Corporate Tax Proposal

The Washington Post
White House released its proposed principles for overhauling the corporate tax code — bringing the rate down to 28 percent, establishing a minimum tax, and expanding credits for R&D and manufacturing.

ITIF Urges More Emphasis on Competitiveness in Corporate Tax Reform

(WASHINGTON) - In response to President Obama's corporate tax reform framework announced today, ITIF president Rob Atkinson made the following comment:

"It is a no-brainer that we need to overhaul corporate taxes. It is unfathomable that the United States has the second highest statutory and among the highest effective corporate tax rate in the world (even if the administration data suggest that our effective tax rate is on par with other nations). So the Obama Administration deserves credit for taking this on. Read more »

Congress should pass legislation that authorizes states to require out-of-state sellers to collect and remit sales taxes without imposing any undue burden on these sellers in order to equalize online and "brick-and-mortar" retailers.

Congress should allow states to require out-of-state sellers to collect sales tax, but it should only grant this authority under a framework that ensures that states create and maintain a fair and simple tax system that does not unduly burden out-of-state sellers. States rightly argue that tax laws need to evolve to allow them to require out-of-state sellers without nexus to collect and remit taxes on Internet sales to state residents. Neither Internet retailers nor brick-and-mortar retailers should receive preferential tax treatment.

Create a Fair and Simple Tax for E-Commerce

February 21, 2012
| Reports

Three pieces of legislation were introduced in Congress in 2011 to authorize states to require out-of-state retailers, including online sellers, to collect and remit sales tax. In this report, ITIF Senior Analyst Daniel Castro argues that Congress should find a balance that allows states to collect these taxes without imposing a burden on out-of-state retailers. He proposes three principles—fairness, simplicity and parity—that should guide the development of federal legislation and offers specific guidance on how such legislation should be crafted.

U.S. Industry Frets Over Impact Of Obama's Proposed Tax Policies

NASDAQ
Technology and pharmaceutical companies could also fare worse under Obama's proposed policies than the current system, since their overseas earnings would likely generate higher taxes.

Congress should simplify the corporate tax code while expanding provisions that incentivize investments in R&D, workforce training, and capital equipment and machinery.

Congress should simplify the corporate tax code while expanding provisions that incentivize investments in R&D, workforce training, and capital equipment and machinery. In particular, Congress should transform the Alternative Simplified Credit for R&D into an American Investment Tax Credit that allows expenditures in excess of 50 percent of base calculation on R&D, workforce training, and capital expenditures to qualify for a tax credit of 20 percent. However, Congress should make companies’ ability to receive the full 20 percent credit contingent on some portion of resulting production occurring in the United States. In addition, Congress should expand the collaborative R&D tax credit to cover more sectors beyond energy.

ITIF Testimony Before California Assembly Committee on Tax Policy and the High-tech Sector

December 5, 2011
| Testimony and Filings

In testimony before the California Assembly Committee on Revenue & Taxation, ITIF president Rob Atkinson urged state lawmakers to take steps to reform and expand tax incentives for innovation. Specifically, he recommended the state’s R&D tax credit be harmonized with the federal Alternative Simplified Credit and proposed revisions to the state’s basic research tax credit. He also urged the adoption of a “patent box” that allows profits from innovation to be taxed at a lower rate in order to drive job creation in California. Using tax policies such as these would help California harness the potential of its significant innovation infrastructure and entrepreneurial culture as well as compete with other states and countries at the cutting edge of innovation.

AGREE Act Aptly Named but More Bipartisan Accord Needed on Innovation

November 28, 2011
| Blogs & Op-eds

From time to time, there is a glimmer of hope for bipartisanship on innovation from Congress.The passage of the Patent reform act this year was one example. The American Growth, Recovery, Empowerment and Entrepreneurship (AGREE) Act, sponsored by Sens. Chris Coons (D-DE) and Marco Rubio (R-FL) is another. It is a package of practical actions to encourage and empower American innovators and job creators by focusing on taxes, trade, talent and technology, which ITIF regards as the columns of a solid economy recovery strategy.

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