We know this much for certain: in the decades ahead, innovation will transform the world. Cars may soon drive themselves. Virtual reality, nanotechnology, robotics, and more will impact us in ways we can’t yet imagine. Our devices will grow more powerful, bringing new capabilities to the masses. The question is not whether innovations are coming. The question is whether America will develop and produce them, and whether our people will share in the wealth they create.
To build the most innovation-friendly economy in the world, we must build the most business-friendly economy in the world. Right now we have, quite nearly, the exact opposite. The United States has the highest corporate tax rate in the developed world. We have a tax code that punishes American companies for competing in the global economy, and a regulatory system that prevents small businesses – the primary engines of innovation and job creation – from competing against established players.
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