What is IP?
Intellectual property (IP) is a set of laws that protect patents, trademarks, and copyrights, each of which identify the byproduct of new ideas. IP is a component of nearly every industry, and can include inventions, formulas, processes, designs, patterns, motion pictures, and computer software, among others.
The diversity of IP is matched by its economic impact. According to the Chamber of Commerce’s Global Intellectual Property Center, IP-intensive jobs employ more than 40 million Americans and account for more than one-third of total U.S. GDP. Moreover, IP professionals earn on average more than those in non-IP jobs, and the entire industry is valued at $5.8 trillion.
It is critical that lawmakers ensure American IP continues to lead the world in innovation and economic growth. But right now our government is not doing its job. The combination of our broken worldwide tax system and pressures from foreign countries is pushing American companies to move valuable IP abroad. Instead of passing the blame for this trend, Congress and the administration should take action and pass meaningful tax reform that will protect American IP and set the stage for broader reform in the near future.