NCTA-The Internet & Television Association joined other trade groups—the MPAA and the National Association of Broadcasters—in backing a Republican congressional and administration proposal to reform the tax code.
“Today’s announcement is a welcome first step by leaders in Congress and the administration to stimulate the economy and make our nation globally competitive by reforming and simplifying the tax code for all taxpayers," NCTA said. "[Our] member companies invest billions of dollars every year to build and improve superfast internet networks and spend billions more to create the world’s best and most diverse TV content.
"Collectively, the U.S. cable industry supports over 2.9 million jobs and $421 billion in economic impact," the organization added. "We look forward to working with members of Congress and the administration to enact meaningful tax reform legislation that encourages innovation and growth, while retaining the tools companies need to invest in infrastructure.”
Among other things, the plan includes capping the maximum small business tax rate at 25% and reducing the corporate tax rate to 20%. It would also allow the immediate expensing (writing off) of the cost of new investments in depreciable assets.
Also weighing in was the Consumer Technology Association, which echoed NCTA's enthusiasm.
"The outline released today lays out types of proposals that will help accelerate America's innovation engine, creating jobs and boosting our competitiveness," said CTA president Gary Shapiro. "This framework calls for critical measures such as lowering tax rates and encouraging U.S.-based companies to return trillions of dollars in profits from overseas, boosting critical investment here at home and encouraging the growth of companies large and small."