American universities are responsible for educating some of the best minds in the world in STEM fields, however, restrictive immigration policies make it difficult to keep that talent. In TCC’s latest video, see how this “brain drain” is keeping the country from being competitive and is negatively affecting innovation, growth and jobs in the U.S.
The information and communications technology (ICT) industries are a vital part of the American economy, employing 4.2 million U.S. workers in 2012. Every sector of the economy relies on ICT hardware, software and services to some degree. In addition, over 70 percent of ICT spending occurs outside of the United States. Access to global markets enables American ICT companies to make substantial investments in research, capital spending, and worker training in the United States; increase productivity across sectors by developing innovative products and processes; and generate new ideas, firms, and jobs that maintain the pre-eminence of the U.S. ICT industries. Thus, growth of ICT exports is an essential element in the success of efforts to expand business opportunities for American workers and employers generally.
Immigration has defined America. As former President Reagan reminds us, immigrants have made enormous contributions to our country as workers, consumers, entrepreneurs and innovators. They have been essential contributors to our “shining city on a hill.” Yet today, our immigration system is outdated and broken. Reform is essential if we are to achieve a fully revitalized economy that provides rewarding and lasting jobs and opportunities for all Americans. Let’s get started.
This detailed analysis prepared by PricewaterhouseCoopers for the Technology CEO Council documents a pronounced shift over the past 40 years toward use of territorial tax systems among the advanced economies that are members of the Organization for Economic Cooperation and Development (OECD.)
Just a decade ago, most of the world's largest companies were located in countries with worldwide tax systems. Today most of the competitors of US companies from OECD countries are headquartered in territorial tax countries. These companies account for the majority of the sales of the companies on the Forbes 500 list and the majority of outbound foreign direct investment in the OECD. Today, over 90 percent of the OECD-based companies on the Forbes 500 list with which US companies compete are headquartered in territorial tax countries.
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