04/08/2021 | News release | Distributed by Public on 04/08/2021 07:55
President Biden has said: 'You know, decades ago, the United States government used to spend 2 percent of its GDP - its gross domestic product - on research and development. Today, we spend less than 1 percent. I think it's seven-tenths of 1 percent.'
As job creators and businesses brace for Biden's $2 trillion tax increase, some companies, including Raytheon, are signaling that they'll have to cut billions in R&D - which poses a huge risk to American jobs, wages, and our competitiveness. Under Republican tax reform, America saw an R&D boom. Raytheon's CEO said it himself:
'It means I have to reduce my investment budget by about 20%… I'm not sure that's exactly what the president wants to have us do.'
'It's a pretty simple discussion … If you want U.S. companies to invest in technology and innovation, you have to have incentives to do that here in the United States.'