If the U.S. middle market—which employs 32 million people—were a country, it would have the 4th largest GDP in the world, according to commercial lender CIT. In addition, it takes in more than $6 trillion in revenues and creates 25% of all U.S. jobs. Based on its size, it would not be difficult for the middle market to effect change, and when it comes to corporate taxes, that’s exactly what the collective group is trying to do.
More governors than ever understand and embrace the idea that cutting and reforming taxes is the best way to improve the business climate, promote job creation, and ensure economic growth. So while politicians in Washington may not have gotten that message, about 20 Republican governors are moving forward with pro-growth tax-relief initiatives in 2015. That is on top of the 14 states whose 2014 tax cuts will take effect this year.
Toyota’s new commitment to hydrogen fuel-cell vehicles and its abandonment of fully electric ones highlights two huge divides facing CEOs and other leaders, not just in the automotive industry, but across a broad spectrum of organizations in the car-dependent economy, including politicians, other types of manufacturers, the travel industry and agriculture, among others.
If your company uses independent contractors or workers from staffing agencies, make sure your HR department has correctly identified whether they’re ‘common law’ employees based on the IRS definition.
There is a growing perception that our capitalist system is “rigged” toward the powerful and inaccessible to average citizens. Meanwhile, our political system has ground to a halt, mired in dysfunctional party politics and posturing. As a result, CEOs have generally disengaged from the ridiculousness that has become Washington, D.C. But leaving the battlefield does not mean the war has ended.
November’s midterm elections revealed that, more than five-years after the recession ended, Americans remain concerned about the economy. Companies can help by focusing on improving staff morale, loyalty and retention.