Treasury: Tax break for innovators leads to 'unfairness'

[WestVirginiaRebel]

Washington Examiner:

The Treasury Department on Friday rejected the idea of lowering taxes on innovators who develop intellectual property in the United States, and said lower taxes for those people would lead to more "unfairness" in the tax code.

 

"[T]he innovation box comes up short as a desirable addition to the tax policy toolbox," Assistant Secretary of Treasury for Tax Policy Mark Mazur wrote in a blog post.

 

Republicans and Democrats on the House Ways & Means Committee last year proposed lower taxes on income derived from innovation.

 

Supporters say that change, nicknamed the "innovation box," is needed to "discourage foreign takeovers of American companies and to keep good-paying jobs in the United States."

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