Tech Groups Hail Senate Tax Overhaul, Say It Will Boost US Competitiveness

Tech groups hailed Senate passage of a GOP tax overhaul bill that would reduce the corporate tax rate to 20 percent from 35 percent and assess a flat 14.5 percent one-time tax on U.S. companies that repatriate cash profit from overseas. The measure passed 51-49 Saturday without a single Democratic vote and with Sen. Bob Corker, R-Tenn., as the Republican defector. “Policymakers have a once-in-a-generation opportunity to deliver historic tax reform and today, Senate Republicans showed the world that they are committed to delivering the comprehensive change needed to empower American businesses to grow our economy,” CTA CEO Gary Shapiro said Saturday. “Lowering the corporate tax rate and simplifying the tax code helps companies of all sizes grow, hire additional workers, raise wages and compete in the global marketplace.” The Information Technology Industry Council thinks a tax overhaul “is needed to build a more competitive” global economy, and the vote “moves us closer to meeting this goal,” said CEO Dean Garfield. “U.S. tech companies are facing aggressive tax policies around the globe and our tax policies here at home are hurting our ability to compete on an international playing field. This bill takes steps toward addressing these serious challenges.” NAB also “commends” the Senate for passing the tax bill because the legislation “preserves the full and immediate deductibility of business advertising,” said CEO Gordon Smith Monday. NAB will continue working with Congress toward “final passage of comprehensive tax reform legislation,” said Smith.