Alex Muresianu writes in The Wall Street Journal about the need to modernize the U.S. tax code to spur research and development.
- Starting last year, companies had to spread their deductions for research and development expenses over five years instead of one, which hinders innovation.
- With inflation, a deduction in five years will be worth less than a deduction today, effectively making R&D investments more expensive for businesses.
- Discouraging private sector R&D with punitive tax policy hurts energy innovation which hurts domestic energy security.
- Lawmakers should update our tax code to stimulate private sector innovation and drive energy progress.
Read the full article here.