At its all-time high in 1964, federal R&D spending amounted to almost 2 percent of GDP. Today, it’s just 0.7 percent—the lowest level in over 50 years.
Tight budgets squeeze the defense establishment and could leave the nation with insufficient and unprepared military forces.
The research and experimentation (R&E) tax credit – alternatively referred to as the R&D tax credit, the research tax credit, or the credit for increasing research activities – is a tax provision designed to incentivize innovation by making research activities cheaper for businesses. The R&E credit is one of the “tax extenders,” a set of federal tax provisions that expired on December 31, 2013, but have routinely been renewed in the past.
In 2011, the federal government funded about one-third of all research and development in the U.S., and around 40 percent of basic research in science and medicine. Scientists and supportive organizations have written numerous articles, reports, and letters attesting to…