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Newly introduced legislation would cut business taxes by more than half for companies that manufacture patented products in the U.S.
While America leads the world in patent-protected products, the current Tax Code fails to reflect the challenges of a competitive global economy, especially as it relates to domestic manufacturing.
Reps. Allyson Schwartz, D-Pa., and Charles Boustany, R-La., are seeking to change this by introducing the Manufacturing American Innovation Act.
The bipartisan legislation reduces business taxes by more than half, to a 10 percent rate, for companies that manufacture patented products in the U.S. The plan would lead to both U.S. and foreign companies bringing jobs back to the United States, as well as the creation of new jobs, Schwartz and Boustany said Thursday.
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SeveralEuropean Union countries have embraced the patent box and the United Kingdom is set to adopt it next year. A bipartisan pair of lawmakers this week introduced a bill with a 10 percent tax for qualifying income.
The idea has its skeptics, both on its merits and viability. Critics say another tax break for business would lead to a race to the bottom in tax rates and potentially cut revenues. Backers say the global economy requires countries to compete to lure innovation.
"There is a race going on and the idea that we can just pretend we are not going to run the race is not a luxury we have," said Robert Atkinson, president of the Information Technology and Information Foundation, a think tank that gets some corporate funding.