Yesterday, the Bipartisan Policy Center hosted current and former members of Congress, as well as leading budget experts, for a discussion on reforming US tax policy to encourage economic growth and sustainability. As I've said before, innovation acts as the bedrock of the American economy. Tax policies that support innovation can help to strengthen our economy and cement US preeminence in the global marketplace.
In his keynote address, Senator Max Baucus of Montana (D) highlighted the opportunity for tax reform as "a once in a generation opportunity." As policymakers seek to rewrite tax laws, Senator Baucus stressed the need for four practical and simple goals to guide decisions on tax provisions:
- Support Innovation
- Create jobs
- Increase competitiveness of U.S. companies
- Promote education and opportunity
Seeking out these goals ensures that every tax provision has tangible benefits for the American economy. In fact, in many ways, each goal builds upon the others to support a robust economic framework for growth.