Tax Foundation President Scott Hodge is joined by economist Erica York and Senior Policy Analyst Garrett Watson to answer a question U.S. policymakers have been asking for decades: how should we tax research and development (R&D)?R&D is more important than ever as pharmaceutical companies and governments around the world invest in coronavirus research and supply chains.But are the policies currently on the books—the R&D credit and immediate deduction for R&D expenses (soon to be amortized over 5 years)—the best way to encourage innovation? What other tools do policymakers have at their disposal and what does the future hold for the taxation of R&D in America?Support the show