The Trump administration is contemplating a significant revamp of the U.S. patent system, which could potentially generate tens of billions of dollars in revenue.
What Happened: The Commerce Department is considering a new fee structure that would require patent holders to pay 1% to 5% of their patent’s overall value. This change could result in a substantial increase in fees for patent holders. The proposal is part of Commerce Secretary Howard Lutnick’s strategy to raise revenue and reduce the government’s budget deficit, reported The Wall Street Journal.
