Tech industry supports GOP tax plan

Some key technology firms and Washington trade organizations have come out in support of the Republican Party's tax plan that was released earlier this week, reports The Hill.

The GOP plan cuts the corporate tax rate from 35 percent to 20 percent, which tech companies say will help them be more competitive and innovative in the global marketplace.

"We're excited that framework takes a look at reducing corporate tax rates, a territorial system and repatriating funds," Tiffany Moore, vice president of political affairs at the Washington D.C.-based Consumer Technology Association, a think-tank that represents a number of major tech firms, told The Hill. "We're waiting for the details. We look forward to the legislative text." 

The plan also proposes a territorial tax system, meaning only domestic earnings could be taxed. The tech industry added this would help keep jobs in the U.S.

"Smart tax reform is the best way to grow the economy and put more money in the pockets of the American people," Dean Garfield, president of the Washington, D.C.-based Information Technology Industry Council, a trade association that represents tech companies including Amazon, Apple and Google, told The Hill. "It has been 30 years since most Americans have seen any real wage gain. That was also last time we had tax reform."

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