U.S. Chamber of Commerce: The 6 Essential Tax Tips – For Congress
Around this time every year, the Internet starts to overflow with “tax tip” columns chock-full of dos and don’ts, shoulds and shouldn’ts, advice for individuals, advice for families, advice for businesses, advice for just about every type of taxpayer. The annual arrival of these lists is as certain as, well, death and taxes.
So here are our own tax tips – for Congress. That’s right, Congress.
It has been three decades since our country enacted major tax reform, leaving us with an outdated and convoluted tax system that inhibits job creation, economic growth and global competitiveness. The U.S. is in need of commonsense changes that result in a smarter, simpler system; one that enables all individuals and businesses to make smarter decisions about how they work, save, and invest and one that levels the playing field for American companies competing in international markets.
Some lawmakers have shown a willingness to press forward on tax reform this year, and as they do there are some important principles to keep in mind – the “must dos,” if you will, for any policymaker looking to improve our country’s tax system. Here’s where to start.
Tip #1: Tax reform legislation should lower rates for all businesses. Our corporate tax rate, for instance, is currently the highest in the developed world, while individual rates, which impact many small businesses, are extremely high, as well. By lowering rates, U.S. companies will be able tocompete successfully in the global economy and our country will be able to attract more investment and accelerate job creation.
Tip #2: Tax reform should reduce barriers to business investment by allowing full and immediate cost recovery. Right now, federal tax rules on depreciation are oddly biased against investment in, for instance, new equipment, machinery and buildings. As Congress works toward comprehensive tax reform, it’s important to correct this bias, so that we encourage the sort of investments that lead to more jobs and higher wages
Tip #3: Tax reform should shift to an internationally competitive tax system. Nearly all of America’s major trading partners have adopted what’s known as a territorial tax system, in which the government generally taxes companies only on the net income they earn within their own borders. Consequently, when a U.S. company earns profits overseas, those profits are taxed overseas. But under our country’s international tax system, American businesses are double taxed on income earned abroad: once where that income was earned and again when it is brought home – this time by the U.S. government. It’s one reason U.S. companies are forced to pursue tax inversion deals or simply merge into foreign companies. Until Congress enacts tax reform featuring more competitive international tax rules, businesses will continue to rely on such self-help mechanisms to level the playing field.
Tip #4: Tax reform shouldn’t pick winners and losers. Read More: U. S. Chamber of Commerce
Virginia Peninsula Chamber of Commerce 2016 Business Directory and Resource Guide
The Virginia Peninsula Chamber of Commerce 2016 Business Directory and Resource Guide is available at the Virginia Peninsula Chamber today! Thanks to Mike Kuhns, Suzy Johnson and the chamber team for their help and direction putting this together!
Town SquarePublications (www.townsquarepublications.com) can help you accomplish your chamber's gloss map, directory, community profile or publication needs at no expense to the chamber. Please email John Dussman at jdussman@tspubs.com or call (847)-427-4633.
Chicago Southland Chamber and multiple other area chambers: Mobilization Town Hall Meeting
The small business community, non-profit organizations, college students, local municipalities, and everyone else being hurt by the conduct of Illinois' politicians must come together and demand an end to the state's destructive political stalemate. Illinois is still operating without a budget. While politicians continue their partisan bickering and unproductive rhetoric, their inaction is costing jobs, hurting non-profits and devastating the state's economy.
Join the SBAC, Reboot Illinois, Chicago Southland Chamber of Commerce and other area chambers at our Town Hall and Mobilization event and send this powerful, non-partisan message to our politicians: Pass a responsible budget and enact the reforms necessary to revive the Illinois economy. This FREE event will feature representatives from the non-profit and small business communities along with college students and other folks talking about how the state budget deadlock has affected them. We will also discuss ways to use our critical mass to press lawmakers for a solution to save jobs and the Illinois economy.
For those of you unable to attend in person, the event will also be live-streamed so that folks can get together, watch and participate interactively from different locations. It should be exciting to see the small business community mobilize and speak with a strong, non-partisan voice.
CLICK HERE TO REGISTER
Bowling Green Area Chamber of Commerce President Ron Bunch: State must seek transparency, accountability in ADDs
The Daily News invited Ron Bunch, president and CEO of the Bowling Green Area Chamber of Commerce, and Rodney Kirtley, executive director of the Barren River Area Development District, to share their thoughts on House Bill 438 – a proposal that would establish specific requirements and guidelines for the state’s area development districts.
It is disappointing that once again a much-needed piece of legislation that would enhance the transparency and accountability of our statewide system of area development districts (ADDs) will not become law. The measure, sponsored by state Rep. Susan Westrom, requires the 15 Kentucky ADDs – who together control about 175 million state and federal dollars – to report on their activities and be responsible stewards of public money. The bill simply requires ADDs to follow some basic procedures in hiring, such as advertising executive director positions; prohibits bonuses (which are against the state constitution); and requires employees and the boards that oversee the ADDs to comply with state and federal conflict of interest and procurement laws. The bill also requires state agencies that administer the federal dollars to make detailed annual reports on how much they award to each ADD, how much was allocated to services versus overhead, and how many people were served – key efficiency metrics for the business community.
The ADDs were established in the 1970s to help regions plan for issues that crossed county lines and to create a mechanism for small rural communities to benefit from grants. Over the years, that mission has grown to include the administration of millions of dollars for workforce development and services for seniors – following those laws and regulations, efficiently, should be a core skill for the Barren River Area Development District.
This March, the BRADD received a letter from the state’s Department for Aging and Independent Living noting $82,876 in disallowed expenditures. According to the letter, the BRADD inappropriately made several one-time “salary adjustments” (bonuses) with money intended to provide food and services to the elderly and disabled, while maintaining waiting lists of hundreds of people in need of those services. In fact, the letter goes on to note that the self-serving bonuses were paid during a time when crisis plans were in effect to ensure those elderly and disabled services could be continued. The BRADD is now being asked to repay the money. Unfortunately, we expect a similar “disallowed cost” letter will be issued from the state workforce agency for the same infractions.
Furthermore, the BRADD receives roughly $1.8 million annually to ensure un- and underemployed citizens of southcentral Kentucky are properly trained and referred to open jobs. An audit report just released by State Auditor Mike Harmon noted a difference in reported expenditures of $1.39 million – nearly the entire amount of dollars allotted annually to the BRADD. Such a discrepancy is deeply troubling and inexcusable – especially considering the regional focus on this essential service over the past several years. Read more: Bowling Green Daily News
Chamber good news: St. Joseph County's job numbers best since 2006
St. Joseph County's economy has reached a milestone in its recovery from the Great Recession.
The region is approaching full employment, more people are entering the labor force, and wages are starting to rise.
Almost 126,000 county residents had a job in February, and more than 133,000 were participating in the labor force, according to newly released data from the Indiana Department of Workforce Development. Those are the highest February employment and labor force numbers the county has had since 2006.
The county has added almost 13,000 jobs since the unemployment rate peaked here at 13 percent in the wake of the recession in early 2010. The county's jobless rate in February was 5.4 percent.
The growth in the county's labor force — which measures the number of people working or actively looking for work — is notable, too. As job opportunities dissolved during the recession, thousands of people stopped trying to find work. It's a good sign that people are re-entering the job market.
Jeff Rea, the president and CEO of the St. Joseph County Chamber of Commerce, said he's encouraged by the way the county's economy has climbed back from the recession. Health care and higher education have been the top sectors of employment growth in recent years, Rea said, but retailers, manufacturers and others have added a lot of jobs, too.
"It's been organic growth and spread across a lot of industries," Rea said. "What our businesses are telling us is they anticipate that growth continuing." Read more: South Bend Tribune
Plan to join us Tuesday, May 10 for West Michigan Business Day at the Capitol!Meet with legislators, department leaders and representatives from the Governor’s Office to discuss issues that are important to our regional business community such as talent, infrastructure, opioid abuse, criminal justice reform, the regulatory environment and more. This event is FREE for members! The group will depart from Grand Rapids at 7:30 a.m. and return around 3:30 p.m. Chartered transportation is available. This is your chance to connect with the people who run your government and help put a personal face on West Michigan business for our elected officials! Date Tuesday, May 10, 2016 Time 7:30 a.m. - 3:30 p.m. Location State Capitol Building, Lansing Cost: Free for members, must pre-register Questions? Contact Joshua Lunger at 616.771.0336. Northern Virginia Chamber of Commerce Event: The Greater Washington Innovation Awards
Presented by the Northern Virginia Chamber of Commerce, The Greater Washington Innovation Awards is the premier event celebrating the thought leadership, innovation and creativity of the individuals and organizations in select industries in the Greater Washington metro area.
Join us to celebrate the people and organizations who introduce new methods, ideas and products to improve our lives and challenge the status quo. Their innovations create new consumers and markets, and ultimately transform the way we do business. Learn what makes a Greater Washington area innovator.
Jim Handly, evening anchor with NBC4, will act as emcee.
Registration is available online. Entry is $100 for a single member ticket or $125 for a single non-member ticket. A row of 10 seats is available for $1,000 for members, or $1,250 for non-members.
WHEN:
Thursday, April 21, 2016
5:30 – 8:30 PM
WHERE:
Hyatt Regency Reston: 1800 Presidents Street, Reston, Virginia 20190
FINALISTS INCLUDE:
Tech Innovator of the Year
Public Sector Innovator of the Year
Professional Service Innovator of the Year
Hospitality, Tourism & Entertainment Innovator of the Year
Health & Life Sciences Innovator of the Year
Marketing & Advertising Innovator of the Year
HONOREES INCLUDE:
Emerging Innovators of the Year
Lifetime Innovator
Steve Case, Founder & Partner, Revolution Growth; Co-founder & former CEO, AOL
Nominations for Coast Young Professionals' Forever Young Awards Are Now Open
Mississippi Gulf Coast- Coast Young Professionals (CYP) are pleased to announce nominations are now being accepted for the “Forever Young” Awards. These awards are to be presented during the Coast Young Professionals’ 8th Annual Black Tie & Blue Jeans Gala, sponsored by the Hard Rock Hotel and Casino Biloxi. To nominate, visit www.coastyoungprofessionals.com and click on the Black Tie & Blue Jeans Gala tab. The deadline to submit nominations is Tuesday, May 10, 2016.
The Black Tie and Blue Jeans Gala is an annual event that honors 10 accomplished and influential leaders of the Mississippi Gulf Coast with the “Forever Young” award. Forever Young candidates are persons of professional integrity who exemplify the spirit of service to their professions and who have, by their leadership, made a significant contribution to the advancement of a Coast Young Professionals member's career. Mentoring and developing young leaders along the Mississippi Gulf Coast is a huge part of Coast Young Professionals mission. At this annual gala, it is the organization’s honor to recognize and thank these individuals who devote their time to mentor members of Coast Young Professionals.
The event will be held at the Hard Rock Hotel and Casino Biloxi on Wednesday, June 15th and hor d’oeuvres, photo station, and music are included in the price of admission. A cash bar and caricatures are available during the program. Tickets and sponsorships are available. Doors open at 6:30 p.m. with the program beginning at 7:30 p.m. Admission is $40 per person. For more information on sponsorships or to purchase tickets, contact CYP Director, Olivia Munn, at 228-604-0014 or email cyp@mscoastchamber.com.
Coast Young Professionals is a division of the Mississippi Gulf Coast Chamber of Commerce committed to developing leaders on the Mississippi Gulf Coast.
#Chamber interest: School District of Milton: FACT completes second 'data dump' meetingAccording to FACT co-chair Barry Brandt, the first two meetings have been mostly a “data dump” from district administrators and representatives from J.P. Cullen, Plunkett Raysich Architects and Ehlers, the district’s financial adviser. Before the second meeting, many FACT members took an abbreviated, hour-long tour of Milton High School, which was led by principal Jeremy Bilhorn. At the end of the second meeting, which lasted about 2 ½ hours, the committee received answers to some of its questions from the first meeting. ECONOMIC IMPACT STUDY One question was whether there has been a study done on the economic impact of hosting a specific event at the high school. FACT member and Milton Area Chamber of Commerce Executive Director Dani Stivarius said MACC has not done a study, but as an individual, it would be a “no-brainer” to do one. However, FACT member Jill Schuerman Fons reminded the group there isn’t much time to complete a study, and Stivarius said it would be difficult to find money from MACC because its budget is already set for the year. Read more: HGN NEWS
Good morning Chamber World! It's going to be a GREAT day!
Town Square Publications Chamber of Commerce Membership Directories, Community Profiles, Re-Location Guides and Custom Maps
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Friday: 157 Rules for Executive Success in Organization Management (and your Chamber of Commerce) by Patrick McGaughey
RULE #142 Turn compliments into testimonials.
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