Wichita Standard

Rep. Ron Estes (R-Kansas), Chair of the U.S. Innovation Tax Team, led a delegation with House Ways and Means Chairman Jason Smith (R-Missouri) and Tax Team Vice Chair Michelle Steel (R-California) to Silicon Valley on September 12 and 13. The purpose of the visit was to engage with U.S. innovators and stakeholders regarding the upcoming expirations of the Tax Cuts and Jobs Act (TCJA). Rep. Estes hosted two roundtables with small San Francisco Bay area startups and met with major companies including Genentech, Apple, Wisk Aero, Google, Intel, and the Silicon Valley Tax Directors Group.

The discussions emphasized the necessity of renewing pro-growth tax policies that foster U.S. innovation. Participants expressed concerns about losing leadership in innovation to foreign adversaries and facing challenges related to intellectual property theft. They highlighted how TCJA had facilitated advancements in innovation and contributed to increased tax revenues for the U.S. Treasury.

"Americans are innovators, and seeing the incredible tech advances in Silicon Valley from large and small organizations is a reminder why we need a tax code that encourages innovation right here in the United States," said Rep. Estes. "Many of the pro-growth tax policies that spur innovation are bipartisan, such as immediate R&D expensing, and should be embraced by all members of the House. Keeping research, development, and innovation within our borders is something that Republicans and Democrats from red, blue, and purple states should champion as we near the expiration of some TCJA policies next year."

"As Vice President Harris is proposing a $7 trillion tax hike, Ways and Means Republicans are hard at work finding ways to build on the success of the Trump Tax Cuts that created higher wages, more jobs, and greater benefits for working families," stated Chairman Smith. "So far, our Tax Teams have held more than 90 events across 17 states to hear from workers, families, and innovators about the importance of extending the Trump Tax Cuts to help deliver real relief from the Biden-Harris economy while growing jobs and investment here at home."

"America's entrepreneurs and especially startups are hurting from the lapse of innovation-supporting tax policies," said Rep. Steel. "They rely on full expensing of research and development to create jobs and economic growth."

Rep. Estes was named Chair of the U.S. Innovation Tax Team by Ways and Means Chairman Jason Smith in April this year. Since then, tax teams have conducted over 90 events in 17 states to gather feedback from American citizens and organizations affected by current tax codes.