The following statement is attributed to Gary Shapiro, president and CEO, Consumer Technology Association (CTA), regarding tax reform outline unveiled today by House Speaker Paul Ryan (R-WI), Senate Majority Leader Mitch McConnell (R-KY), Treasury Secretary Steven Mnuchin, National Economic Council Director Gary Cohn, Senate Finance Committee Chairman Orrin Hatch (R-UT), and House Ways and Means Committee Chairman Kevin Brady (R-TX):

“The tax plan outlined today by the administration and key Republican congressional leaders will benefit American companies – established tech brands and startups alike – and American taxpayers. Our current archaic and uncompetitive tax system puts our country at a global disadvantage. The Big 6 plan will reverse the outflow of American companies leaving the U.S. for other countries’ favorable tax conditions and ensures Americans avoid the $1,700 that the border adjustment tax (BAT) would cost every American family. After eight years of stagnant growth, we need to create new opportunities that will generate resources to help update our nation’s bridges, broadband and roads and puts money back into the hands of America’s job creators.

“Today, the tech industry supports 15 million U.S. jobs but could help create even more if Congress passed a one-time tax cut repatriating trillions of dollars sitting overseas. As congressional tax committees now begin drafting legislation based on this outline, the tech industry stands ready to work with Congress and the administration on a fiscally responsible tax plan that supports our nation’s entrepreneurs and drives our innovation economy.”