The United States once led the world in both research funding and R&D tax incentives. How much would the federal government have to invest to again lead the world in R&D support? As Rob Atkinson writes for IndustryWeek, the United States would need to invest an additional $81 billion annually to match the top four countries for R&D. If it wanted to be the most generous on both R&D spending and tax incentives, it would need to spend $101 billion more per year.
President Trump has rightly called for “making America great again.” That won’t happen unless businesses and the government invest much more in R&D. Both Congress and the Trump administration have an opportunity to once again ensure that America leads in the world in R&D support.