The ongoing budget debate, deciding how the country manages government spending, is a defining series of moments for the country. And certainly, whether the taxpayers are willing to allow government to keep spending without restraint or whether they choose a path to balanced budgets and debt pay-offs, these decisions will have a very real effect on people of all incomes, and on the businesses that create and sustain our economy, specifically jobs.
Yet for all of the talk and political posturing, one searches in vain for any real consideration of what we want beyond a balanced budget, such as a thriving innovation economy. A balanced budget should not be the end, but rather the means through which our vision of a future for America can shine. Without that goal, then this current debate is merely a lost opportunity and further demonstration of our nation’s leaders not connecting with the real concerns of America. The guy out of work is not nearly as concerned about the national budget as he is about finding a job, and yet the two issues are not unrelated.
But how in this environment can he know that Congress is looking to help him rather than just help fill the airwaves with more rhetoric? Here’s how:
- Immigration – America’s immigration system is broken and must be fixed. Unemployment in the technology industry is a stunning 3.3 percent, a level that restrains growth and limits the creation of new jobs. Congress should immediately allow unlimited H1-B visas, welcoming any immigrant with highly specialized knowledge to help grow our economy.
- Tax reform – Congress must undertake real tax reform, but in the meantime stop slowing growth with a ridiculous tax system. We need to dramatically lower the top corporate rate so that the US is no longer the highest tax jurisdiction in the world; drop the tax rate to zero permanently for corporations bringing cash from overseas to put to use in our country; and enhance, strengthen and make permanent a globally competitive R&D tax credit.
- Intellectual property – Fight to secure our intellectual property protections for our innovation in every trade agreement securing our economic future.
- Trade – Immediately pass pending trade agreements to open new markets for US exports.
*********
Today's TechByte was written by Bartlett D. Cleland, Policy Counsel with the Institute for Policy Innovation.
 |