The Tax Innovation Equality Coalition is comprised of U.S. trade associations and global companies that drive economic growth through the development of the innovative technologies and processes of the 21st Century.
For America to remain a global leader, the TIE Coalition supports comprehensive tax reform which modernizes the U.S. tax system to allow American businesses to compete in global markets in a manner that does not discriminate against any particular industry or type of income – including income from intangible property.
However, recent tax proposals would treat intangibles differently than other types of assets, creating an unfair advantage for companies who don’t derive their income from intangible property, while significantly disadvantaging innovative U.S. companies as compared to their foreign competition.
To protect these vital economic drivers, we need to make sure the U.S. tax code treats all kinds of income equally and does not discriminate against revenue from intangible property. Therefore, Congress must:
- Implement a territorial tax system which does not double-tax income earned by U.S. multinational corporations overseas.
- Lower the U.S. corporate tax rate so it is competitive with those of other developed nations.
- Not discriminate against any particular industry or type of income – including income from intangible property.
Implementing a tax system that creates a level playing field between U.S. companies and their foreign competition is essential to maintaining the United States’ global leadership, and encouraging continued ideas and discoveries that will positively impact our economy.