WASHINGTON, DC, March 16, 2016 — The Tax Innovation Equality (TIE) Coalition, which is comprised of a diverse group of trade associations and U.S. companies such as Adobe, Amgen, Merck, Microsoft, and many more, announced today the launch of a digital ad campaign on the issue of intangible property (IP).
The Coalition’s ad campaign will promote the newly created “An America Without IP” video, on the importance of intellectual property and innovation. With signs pointing to Congress taking action on international tax reform as early as this year and the suggestion that a plan could be unveiled soon, the campaign comes at a time when education about intangible property and its contributions is paramount.
Made up of assets that can’t be seen or touched, but have inherent value, intangible property is essential in our modern lives. These assets include ideas, copyrights, patents, manufacturing processes and much more. Without a thriving intellectual property economy, America’s modern work, communication and leisure would not be the same.
Globally engaged companies, including TIE Coalition members, create the majority of America’s intangible property and rely on their global operations to fund research and development, driving future growth. As illustrated by the recent digital revolution, entirely new industries spring up from successful software and medical breakthroughs. The continued growth of intangible property is critical to the competitiveness and continued economic growth of the United States.
“We create the ideas, designs and technology that create jobs. Our coalition includes some companies that help transform the global economy by revolutionizing the way we work and communicate while other members of the coalition develop medicines that improve the health of billions of people around the world,” said Mark Nebergall, president of the Software Finance and Tax Executive Council (SoFTEC).
Coalition members are concerned about international tax reform proposals that place a special tax on intangible property as compared to other forms of income. A tax code that discourages companies that produce highly valued IP is dramatically out of step with the realities of 21st Century commerce and will limit U.S. companies’ ability to compete in a global marketplace.
“Intangible property has had an enormous impact on American jobs and standards of living,” said TIE Coalition Executive Director Catherine Porter. “We support efforts to modernize the U.S. tax system and help American companies compete in a global market. To achieve those objectives it is crucial that tax reform not pick winners and losers by discriminating against any particular industry or type of income – including income from intangible property.”
Visit www.TIECoalition.com to learn more about the TIE Coalition and the economic value of intangible property. To watch the new video featured in the ad campaign, please visit www.TIECoalition.com/PowerofIP. Follow the TIE Coalition on Twitter.
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About the TIE Coalition:
The Tax Innovation Equality Coalition is a diverse group of U.S. companies and trade associations supporting comprehensive tax reform that modernizes the U.S. tax system allowing American businesses to compete in global markets in a manner that does not discriminate against any particular industry or type of income – including income from intangible property. To protect these vital economic drivers, we need to make sure the U.S. tax code treats all kinds of income equally and does not disadvantage revenue from intangible property. The TIE Coalition encourages Congress to implement a competitive territorial tax system that does not double-tax income earned by U.S. multinational corporations overseas and lowers the U.S. corporate tax rate so it is competitive with those of other developed nations. For more information, visit www.tiecoalition.com.
For further information:
Jane Connors at jconnors@craftdc.com
Josh Falzone at jfalzone@craftdc.com
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The post As Tax Reform Measures Loom, the TIE Coalition Launches A Digital Ad Campaign on the Importance of Protecting Intangible Property appeared first on Tiecoalition.
