Intellectual property refers to creations made by the mind for which exclusive rights are recognized in law form. Under intellectual property laws, owners have rights to intangible assets such as literary, artistic and musical works; as well as inventions and discoveries. In the United States, Intellectual property accounts for 20% of U.S. GDP and nearly 40% of U.S. economic growth. So, what are we doing to protect these rights? SOPA (Stop Online Piracy Act) and PIPA (Protect Intellectual Property Act) were created to help protect others. However, the cons of the bills would be an increase…