The following statement is attributed to Gary Shapiro, president and CEO, Consumer Technology Association (CTA), regarding the introduction by Senate Republicans of their tax reform proposal entitled, “Tax Cuts and Jobs Act.”

“CTA applauds Senate Finance Committee Chairman Orrin Hatch (R-UT) and Senate Republicans for the introduction of the Tax Cuts and Jobs Act, which would reform our outdated and uncompetitive tax system. At a time when American entrepreneurship is declining, comprehensive tax reform is critical to growing the U.S. economy, particularly our nation’s technology industry. Our current system harms small businesses and discourages tech startups. By lowering the corporate tax rate, we can revitalize the job market and reinvigorate local economies, while encouraging the world’s best and brightest entrepreneurs to launch their businesses here in the U.S.

“The technology sector has changed our economy – and it’s time for a tax code that reflects this change. CTA looks forward to further reviewing the details of the Senate’s Tax Cuts and Jobs Act and will continue to work with both House and Senate leadership on advancing the most ambitious and pro-growth tax reform package.”