Intellectual Property

While small businesses are disproportionally affected by intellectual property theft to their limited resources, the impact of this theft on large and medium-sized businesses can be similarly debilitating.  Bottom-line, the failure of the United States to demand compliance with intellectual property laws results in appreciable loss of revenue for its businesses – revenue that could be used to pump up the economy, thereby also producing government revenues.

Instead of utilizing tax increases as effectively the sole method for solving our current fiscal crisis, President Obama need to expand their options by helping businesses protect what is rightfully theirs.  Congress and the President should be equally motivated to recapture the “3 billion in lost tax revenue to federal, state and local government” resulting from intellectual property theft, as cited by Intellectual Property Theft: An Economic Antagonist.   The FBI website seems to back this claim by stating that “intellectual property theft costs U.S. businesses billions of dollars a year and robs the nation of jobs and lost tax revenues.”

At a time when our nation is facing a staggering unemployment rate, an unprecedented national debt, and a struggling economy, we can no longer turn a blind eye to individuals, countries, and businesses that actively engage in or tacitly support intellectual property theft.  Congress is currently examining the 2014 budget to identify potential areas for expenditure cuts and sources for revenue growth.  Lawmakers should treat this pursuit as an opportunity to explore all options for addressing the theft that is and crippling business and hurting our federal budget.  Because the health of the U.S. economy is so strongly linked to the strength of our businesses and the revenue they generate, our government is faced with an imperative to create a secure environment where business innovation and growth can flourish.

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