Doing Everything We Can to Keep Our Recovery Going

Tom Gavin, ITI photo
President Obama today echoed what TechElect and the innovation sector have argued repeatedly:  “It’s a lot easier to deal with deficits and debt if you are growing,” the President told reporters at a Friday morning news conference.  He’s spot on.  The key question is not whether to grow, but how to grow fastest and strongest. 
TechElect believes that the way to build an economy that has lasting strength to create good-paying jobs is through a mix of approaches. 
  • Tax reform should be modernized in a fiscally responsible way to help American companies create jobs and new opportunities here at home.  Right now, the U.S. has the highest corporate tax rate in the world.  Lower the rate, invest in innovation, and make the U.S. tax system competitive with the rest of the globe. Uncertainty about the future of the tax code is freezing important investment and business decisions.  We can make a downpayment toward increased certainty and a competitive tax code by passing bills to extend important investment and innovation incentives, like the R&D tax credit.
  • Commit to education in science, technology, engineering, and math.  These are the core skills that will create an American workforce that can compete to win with the rest of the world. 
  • Strengthen the U.S. focus on innovation.  R&D isn’t an industry buzzword; it’s a formula for long-term economic strength.  If we want the next generation of breakthrough discoveries to happen here, then our political leadership must help with incentives, from the university laboratory to the corporate research facilities.  Competitive innovation incentives encourage robust job creation and promote investment here at home.  Federal funding for vital basic research programs in institutions like the National Science Foundation will keep innovation engines at leading U.S. universities humming.
  • Move forward with smart immigration reform.  During the next five years, 100,000 immigrants – many with advanced degrees – will leave America and take their innovative ideas and job-creating potential with them.  It makes zero sense for the United States to send these people home so they can turn around and compete with us in innovation and job creation.  Let’s keep these people here, creating the next generation of breakthrough products in America.There are several bills to make important reforms in our immigration system, including the House and Senate bipartisan Startup Act 2.0., that will enable recruitment and retention of skilled foreign professionals, and encourage new business startups in the U.S.
  • Expand trade and market access for American businesses.  Exports from America create jobs in America.  There’s no arguing the power of U.S. exporters to create jobs at home, whether they are a small mom-and-pop company to our biggest multinationals.  We have to continue to press for open markets to move “Made in the USA” products from our shores to homes around the world.  Congress can take an important step by passing legislation to normalize our trade relationship with Russia — an initiative that has been shown would lead to new jobs and market opportunities for U.S. businesses.
“People in this town should be focused on doing everything we can to keep our recovery going and keeping our country strong,” the President said.  These ideas have bipartisan support.  Democratic and Republican lawmakers have put forward tax reform plans.  STEM education plans are championed by the President and leaders in both political parties.  Innovation incentives have long had bipartisan champions.  Trade programs and immigration reform only happen with support from both sides of the aisle.  But the popular Washington expectation is that nothing substantial will happen this year because it’s an election year.  “It’s too hard.”  “It’s too controversial.”  “It’s too difficult.”  Those are excuses.  We need solutions.
Frankly, if Congress and the White House wait until after the November elections to even begin to consider these proposals, that will be at least six months of wasted time, six months of lingering economic uncertainty, and six months of frustratingly slow job creation.  The American people can’t afford six weeks of delay, let alone six months.
TechElect will continue to press for action by Congress and support by the presidential campaigns for these commonsense, bipartisan approaches.  They are the right formula for recovery and lasting economic strength.
-- Tom Gavin is ITI's vice president of external affairs.
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  • Albert Sat., September 7, 6:37 AM
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  • Nicajoy Fri., September 6, 6:55 PM
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  • Artur Fri., August 30, 1:15 PM
    if you get a tax form and booklet of innicurttoss on the mail, it is best to use the sticker that shows your name and address that comes with your packet. the optical readers at irs will be able to process your return a bit quicker (maybe a day or two) than if you don't.but handwriting the addresses is fine, too.kudos to you for filing so early!have a nice day.I do it every year
  • Isadoora Fri., August 30, 3:16 AM
    What kind of savings acnouct?If this is a regular acnouct at the bank, you pay tax on the interest income each year but nothing when you take the money out.If it's a brokerage acnouct invested in mutual funds, then there can be capital gains when the mutual funds are sold (and you have to sell them to get the money out). The tax is only on the GAIN, not the entire amount. Commonly called UGMA and UTMA acnoucts.If this is a tax deferred savings acnouct (529 plan or coverdell ESA), then you don't pay taxes each year, but then look at what the money is spent on when it's withdrawn. If it's used for qualified educational expenses, it's tax exempt. If not, tax + 10% penalty.
  • Faham Thu., August 29, 1:00 PM
    Great list! People should keep blog posts short and sweet. I have been gnviig out short and direct to the point posts and it
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  • Marina Tue., August 27, 11:50 AM
    U.S. Congressman, abolitionist, Father of the 14th Amendment John Bingham, coimrnfs understanding construction framers used re birthright jurisdiction House of Reps 3/9 1866:I find no fault with the introductory clause which is simply declaratory of what is written in the Constitution, that every human being born within the jurisdiction of the United States OF PARENTS NOT OWING allegiance to any foreign sovereignty is, in the language of your Constitution itself, a natural born citizen
  • Kerolen Mon., August 26, 8:39 AM
    The insurance istdnury increased the premiums to counter profit loss. That was their decision-not Obama's. Unless you believe that the govt was always in charge of setting premiums. You may have earned every benefit, but the full expense of it didn't come out of your pocket. I bet you take, or took, advantage of all the benefits of being prior service, don't you? I bet you accept veteran-status appointment for jobs. I bet you use or have used your G.I. Bill funds.
  • Abby Sun., August 25, 4:17 AM
    1:05:00 The people in goevrnment don't care about the people that elects them. The legislatures only care about the special interest. They all have big money invested in big insurance company stocks. They have no stomach to think about ordinary American. I'm yet to see anyone that enter representative politics retire a poor or middle income man or woman. They all retire rich and smiling. most Americans are too dumb to see that.
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