With the U.S. presidential election drawing nearer, a New York-based tech group sent both President Obama and Republican challenger Mitt Romney a letter asking how his policies would benefit tech startups, and both candidates have provided outlines in response.
Among other things, Romney mentions raising visa caps for highly skilled foreign workers; lowering the corporate tax rate to 25 percent and strengthening the R&D tax credit; and requiring that all major regulations receive congressional approval.
President Obama mentions having created the position of U.S. Chief Technology Officer and pursuing open data initiatives (an unlocking of data that can "fuel new products, companies, and industries," he says -- U.S. CTO Todd Park recently addressed the Commonwealth Club of California about this initiative). Obama also notes the recent crowdfunding law and patent reform.
Here's the full text from both letters, as published by the tech group that queried the candidates, NY Tech Meetup.
< p="">From Mitt Romney:
Dear Andrew [Rasiej, NY Tech Meetup's chairman of the board],
Thank you to you and your members for your interest in my policies forpromoting technological innovation and business start-ups. While theprivate sector is far more effective at pursuing and applyinginnovation than government could ever be, I do believe that there arekey areas in which government policy must strengthen the ability ofthe private sector to innovate effectively.
Over the course of my campaign, I have laid out a detailed economicplan that seeks to strengthen the American economy by empoweringentrepreneurs and workers and rewarding innovation. This planemphasizes critical structural adjustments to promote growth ratherthan short-term fixes.
Human Capital. We must reform America's legal immigration system toattract and retain the best and the brightest, and equip moreAmericans with the skills to succeed. I will raise visa caps forhighly skilled foreign workers, offer permanent residence to foreignstudents graduating with advanced degrees in relevant fields, andrestructure government retraining programs to empower individualworkers and welcome private sector participation.
Taxes. We must pursue fundamental tax reform that simplifies the taxcode, broadens the tax base, and lowers tax rates. I will lower thecorporate tax rate to 25 percent, strengthen and make permanent theR&D tax credit, and transition to a territorial tax system. I will cutindividual income tax rates across the board, and maintain today's lowtax rates on investment. And I will ensure that these changes are madepermanent so that investors and entrepreneurs are not confronted witha constantly shifting set of rules.
Regulation. We must reduce the power of unaccountable regulators byrequiring that all major regulations receive congressional approvaland by imposing a regulatory cap that prevents the addition of newregulatory costs. In a Romney Administration. agencies will have tolimit the costs they are imposing on society and recognize that theirjob is to streamline and reduce burdens, not to add new ones.
Trade. We must open new markets for American businesses and workers. Iwill create a Reagan Economic Zone encompassing nations committed tothe principles of free enterprise. At the same time I will confrontnations like China that steal intellectual property from Americaninnovators while closing American access to their markets.
Education. America's K-12 education system lags behind other developednations, and while our higher education system remains the envy of theworld its costs are spiraling out ofcontrol. We must pursue genuineeducation reform that puts the interests of parents and students aheadof special interests and provides a chance for every child. I willtake the unprecedented step of tying federal funds directly todramatic reforms that expand parental choice, invest in innovation,and reward teachers for their results instead of their tenure. I willalso ensure that students have diverse and affordable options forhigher education to give them the skills they need to succeed aftergraduation.
Basic Research. President Obama's misguided attempts to play the roleof venture capitalist, pick winners and losers, and spend tensofbillions of dollars on politically-prioritized investments have beena disaster for the American taxpayer. Yet at the same time, we mustnever forget that the United States has moved forward in astonishingways thanks to national investment in basic research and advancedtechnology. As president. I will focus government resources onresearch programs that advance the development of knowledge, and ontechnologies with widespread application and potential to serve as thefoundation for private sector innovation and commercialization.
Many of these policies may seem like common sense, yet they are onesthat our nation is failing to pursue today and ones that our Presidenthas put on the back burner while trying his own hand at playingventure capitalist and focusing on government-led growth. The resultsare plain to see in a failed economic recovery that continues toproduce extraordinarily disappointing growth and job creation Aspresident, I will emphasize policies that once again make America thebest place in the world to make a discovery, start a business, hire aworker, or find a job.
Sincerely,
Mitt Romney
From Barack Obama:Dear Members of NY Tech Meetup:
Thank you for carrying forward the entrepreneurial spirit that makesus a nation of doers, dreamers and risk takers. You understand thatinnovation and job creation occur when we make smart investments ininfrastructure and technology and build an environment that encouragesentrepreneurs to change the way we live and work.
Together we've used that bedrock American belief to recover andrebuild from the worst economic crisis in a generation. Today,entrepreneurship is at record levels and the number of businessstartups is up almost 10 percent since my first year in office. Andthis past Friday, we learned the unemployment rate has fallen to itslowest level since I took office. As inventors, makers and thinkersyou've helped get us here, believing that if anyone has a solid planand is willing to work hard and play by the rules, we can turn anyidea into something.
I believe it, too. That's why I've been laying the foundation for aneconomy built to last through investments in infrastructure andtechnology. We're expanding broadband networks to connect businesseslarge and small with markets around the World. The health care lawinvests in our health IT infrastructure, improving the delivery andmanagement of care. Wall Street reform put a consumer protection copon the beat, using technology to help consumers understand theirrights when buying a home or using a credit card.
Across your government, we've used technology to bridge the offlineand online divide to empower citizens and build a more participatorydemocracy. On my first day in office I created the position of U.S.Chief Technology Officer so we can pursue new open data initiatives tounleash unprecedented volumes of government data related to energy,education, international development, public safety and other areas.We're unlocking our resources to fuel new products, companies andindustries and connect the next generation of entrepreneurs to freelyavailable government data, while rigorously protecting and respectingprivacy rights. And we recently announced the first class of"Presidential Innovation Fellows," talented private sector innovatorswho will spend six months in Washington partnering up with thegovemment's top innovators to meet straightforward goals: improve thelives of the American people, save taxpayer dollars and fuel jobcreation across the country.
This past April, I also signed a law to help high-growth entrepreneursand small businesses harness "crowdfunding" to raise capitalconsistent with investor protections and make it easier for young,high- growth firms to go public. I also launched the Startup AmericaPartnership to improve the environment for high-growthentrepreneurship across the country. I encourage you to join, as we'refocusing on unlocking access to capital to fuel startup growth,connecting mentors and education to entrepreneurs, acceleratinginnovation from "lab to market" for breakthrough technologies andunleashing market opportunities in industries like health care, cleanenergy and education.
I signed patent reform into law to help American entrepreneurs bringinventions to market sooner, leading to new businesses, jobs andindustries. But that also depends on a regulatory system that supportsour homegrown innovations. That's why I'll continue to stand by you toprotect the openness of the Intemet while still enforcing intellectualproperty rights.
But investments in human capital remain our strongest economic asset.We have a start-up visa program that's allowing foreign entrepreneursto establish businesses in America and create American jobs. And Ihave set concrete goals to create an economy built to last, includingrecruiting 100,000 math and science teachers over the next 10 yearsand training 2 million workers at connnunity colleges for jobs infields like health care, advanced manufacturing clean energy andinformation technology.
As a nation. we can't simply cut our way to prosperity or fall back tothe top-down, trickle-down economics that benefits the few, but gutsinvestments in our country's future that grow our economy -- and yourstartups. But that's the choice in this election between twofundamentally different paths for our country, between moving forwardand falling back.
As your president, I will continue to stand by you because if wecombine our creativity. our innovation and our optimism, we canachieve anything. And the reason I've never been more optimistic aboutthe future is because of all of you. You'll be the next entrepreneurto turn a big idea into something -- a new invention or an entire newindustry. That's the promise of America; that's what this country isall about.
That is the legacy of Edison and Bell. That is the story of Google andTwitter. That is what landed NASA's Curiosity on Mars, reminding usthat our preeminence -- not just in space. but here on Earth -- dependson investing wisely in the innovation, technology, and basic researchthat has always made the United States the envy of the world.
So keep doing and dreaming and moving our country forward.
Sincerely,
Barack Obama