Ms. SCHWARTZ. To strengthen our economic competitiveness in a global economy, we must create the right environment for private sector growth in cutting-edge industries. As we work to reform our corporate Tax Code, it's critical that we consider policies that reflect our 21st century economy, an innovation economy, and promote new domestic manufacturing based on the best ideas developed right here in America.
Today, I will introduce a plan to incentivize manufacturing, innovation, and research and development right here in the United States. The Innovation Promotion Act keeps American businesses competitive by reducing their tax rate on patented products by more than half to 10 percent.
This lower tax rate is a major incentive to keep production here in the United States and will better ensure American companies that choose to stay in the U.S. can compete with foreign competitors, expand to new markets, and hire new workers.
I urge my colleagues to join me in supporting American entrepreneurship, American innovation, and American jobs. Sign on to the Innovation Promotion Act to build America's economic leadership in the world and promote job creation right here at home.