A Helpful Reminder to Politicians: Tax Policy Matters
Pundits and policymakers’ attention is focused on today’s release of the October jobs data, where we saw the manufacturing sector has added jobs in 28 of the last 33 months, gaining half a million jobs during that timeframe, the most for any such period since the mid-1990s. That’s a good record, but no one is satisfied with the pace of our economic recovery from the great recession. We all recognize that America needs stronger economic growth and faster job creation.
We believe that the United States needs an “all of the above” approach to boost the economy. We’ve called for a national jobs and innovation strategy, and will press the Congress and the White House to work together on such a plan. A central part of that plan should be smart, effective tax reform. In an op-ed today, ITI Chairman of the Board Peter Cleveland, from Intel Corp., reinforces this message that sensible tax policies can be the key to job creation. He correctly points out that the U.S. has a competitive advantage over other countries in many areas such as infrastructure and security, yet it lags behind when it comes to tax policy. As ITI has written on many occasions, the U.S. corporate tax rate is the highest in the world and we have fallen behind when it comes to supporting research and development.
We may be in the middle of a very busy news cycle, but let’s hope that the presidential candidates and their teams are keeping an eye on this critical issue.
Read Peter’s full op-ed here.