SlideShare a Scribd company logo
1 of 12
Download to read offline
THE VOICE OF BUSINESS




    Regional Policy Meeting
               The time is NOW!
• Introductions
• What are your
  priorities?
• Higher Ed and
  Workforce Needs
• Tax Reform: Initial
  thoughts
• Wrap-up
THE VOICE OF BUSINESS




     Your Policy Priorities
• What can we work
  on to make
  Minnesota’s
  business climate
  more competitive?
THE VOICE OF BUSINESS




Higher Education and Workforce
• New hires and
  applicants
• Current
  workforce
• Coming trends in
  your industry
THE VOICE OF BUSINESS




             Tax Reform
• It’s coming.
• Governor Dayton’s
  focus: stability,
  more revenue.
• The Minnesota
  Chamber’s focus:
  competitiveness     Revenue Commissioner Myron Frans
                      Photo: Howard Lestrud, ECM Publishers
THE VOICE OF BUSINESS




          Why Reform?
• Globalization
• Economy
• Demographics
• Innovation/
  Technology
• Minnesota
  Competitiveness
THE VOICE OF BUSINESS




          Why Reform?
“Our recommendations…will transform
MN into a global engine of economic
growth and job creation….The sooner
MN moves to gain the global competitive
edge, the more quickly all Minnesotans
can reap the benefits of job growth and
economic expansion.”
             Governor’s 21st Century Tax Reform Commission
THE VOICE OF BUSINESS




          A Starting Point…
• Expand the sales tax
  base to include more
  consumer-purchased
  goods and services
• Decrease the sales
  tax rate
• Decrease or
  eliminate some
  business taxes
• End result =
  revenue neutral
THE VOICE OF BUSINESS




Tax Reform Scenario - Assumes $2.1
Billion in Sales Tax Base Expansion
                                                FY 2014
Sales tax base expansion at 6.5%               $2,100,000
 Repeal state property tax                     ($820,000)
 20% exemption for pass through income        ~($150,000)
 Capital equipment up front exemption          ($92,000)
 Exempt technology inputs from sales tax      ~($200,000)
 Reduce corporate income tax rate to 7.0%      ($250,000)
 Sales tax rate cut to 6.0%                    ($534,000)
 Low income tax credit                         ($50,000)
Total                                              $4
THE VOICE OF BUSINESS




    Option #1: Broad Consumer
 Sales Tax Base Expansion (~$2.1B)
Food                 Fem. Hygiene Prod    Tickets to MN Zoo     Funeral services

Clothing             Caskets & Vaults     YM/WCA & JCC          Other pers. service

Prescription Drugs   Publications         Inst. Meals           Inv. counseling

OTC Drugs            Textbooks            Fundraising sales     Brokerage fees

Medical Devices      Res. Heating Fuels   Artistic events       Car repair

Eyeglasses           Res. Water Service   School events         HH goods repair

Baby Products        Sewer Service        Pers. care services   Elec. equip. repair
THE VOICE OF BUSINESS




        Option #2: Moderate
 Sales Tax Base Expansion (~$1.4B)
Food @ 3%          Fem. Hygiene Prod    Tickets to MN Zoo     Funeral services

Clothing           Caskets & Vaults     YM/WCA & JCC          Other pers. service

Prescription Drugs Publications         Inst. Meals           Inv. counseling

OTC Drugs          Textbooks            Fundraising sales     Brokerage fees

Medical Devices    Res. Heating Fuels   Artistic events       Car repair

Eyeglasses         Res. Water Service   School events         HH goods repair

Baby Products      Sewer Service        Pers. care services   Elec. equip. repair
THE VOICE OF BUSINESS




        What do you think?
• Willing to support
  expansion of the sales tax
  base to get lower rate,
  business tax cuts and more
  stable tax revenues?
• Which business taxes to
  target?
  – Property tax (state or local)
  – Income tax (personal or
    corporate)
  – Sales tax
THE VOICE OF BUSINESS




          Thank You!




                       ?
• Questions?
• Join the Minnesota
  Chamber and the
  Small Business
  Policy Committee!
                        ’s

More Related Content

Similar to Slides for regional policy meetings 5-10

CRFA
CRFACRFA
CRFAcrfa
 
Canadian Restaurant & Foodservices Association
Canadian Restaurant & Foodservices AssociationCanadian Restaurant & Foodservices Association
Canadian Restaurant & Foodservices Associationcrfa
 
Online Slide Show
Online  Slide  ShowOnline  Slide  Show
Online Slide Showcrfa
 
Online Slide Show
Online  Slide  ShowOnline  Slide  Show
Online Slide Showcrfa
 
The ABCs of Business Formation: Setting Up Your Company for Success
The ABCs of Business Formation: Setting Up Your Company for SuccessThe ABCs of Business Formation: Setting Up Your Company for Success
The ABCs of Business Formation: Setting Up Your Company for Successlerchearly
 
Miner Cash Flow Project Presentation
Miner Cash Flow Project PresentationMiner Cash Flow Project Presentation
Miner Cash Flow Project PresentationRural Learning Center
 
Selling To The Commonwealth Presentation
Selling To The Commonwealth  PresentationSelling To The Commonwealth  Presentation
Selling To The Commonwealth PresentationSandy Ratliff
 
Sales and Use Tax: What your Firm Needs to Know
Sales and Use Tax: What your Firm Needs to KnowSales and Use Tax: What your Firm Needs to Know
Sales and Use Tax: What your Firm Needs to KnowCPA.com
 
Avalara ecommerce Expo South Florida Sales Tax
Avalara ecommerce Expo South Florida Sales TaxAvalara ecommerce Expo South Florida Sales Tax
Avalara ecommerce Expo South Florida Sales TaxRand Internet Marketing
 
CustomerServiceChap1
CustomerServiceChap1CustomerServiceChap1
CustomerServiceChap1rtoddkane
 
Raising Dough: Financing Your Farm or Food-Based Business
Raising Dough: Financing Your Farm or Food-Based BusinessRaising Dough: Financing Your Farm or Food-Based Business
Raising Dough: Financing Your Farm or Food-Based BusinessElizabeth Ü
 
7 things to know about running an Earned Income Tax Credit (EITC) campaign
7 things to know about running an Earned Income Tax Credit (EITC) campaign7 things to know about running an Earned Income Tax Credit (EITC) campaign
7 things to know about running an Earned Income Tax Credit (EITC) campaignBrian Kao
 
Shop 52 September 2010
Shop 52 September 2010Shop 52 September 2010
Shop 52 September 2010tomlunney
 
What the New Healthcare Law Means for Your Kentucky Small Business
What the New Healthcare Law Means for Your Kentucky Small BusinessWhat the New Healthcare Law Means for Your Kentucky Small Business
What the New Healthcare Law Means for Your Kentucky Small BusinessSmall Business Majority
 
Best Buy careers in Finance, Accounting, or Tax
Best Buy careers in Finance, Accounting, or TaxBest Buy careers in Finance, Accounting, or Tax
Best Buy careers in Finance, Accounting, or Taxikahn
 
Franklin County Doing Business with the Commonwealth Presentation
Franklin County Doing Business with the Commonwealth  PresentationFranklin County Doing Business with the Commonwealth  Presentation
Franklin County Doing Business with the Commonwealth PresentationSandy Ratliff
 
Tax Resolution: How To Get Started Offering This Lucrative Service
Tax Resolution: How To Get Started Offering This Lucrative ServiceTax Resolution: How To Get Started Offering This Lucrative Service
Tax Resolution: How To Get Started Offering This Lucrative ServiceJassen Bowman
 
Selling to the Commonwealth Workshop Presentation
Selling to the Commonwealth  Workshop PresentationSelling to the Commonwealth  Workshop Presentation
Selling to the Commonwealth Workshop PresentationSandy Ratliff
 
Netwealth educational webinar: The advice practice of the future - does it be...
Netwealth educational webinar: The advice practice of the future - does it be...Netwealth educational webinar: The advice practice of the future - does it be...
Netwealth educational webinar: The advice practice of the future - does it be...netwealthInvest
 

Similar to Slides for regional policy meetings 5-10 (20)

CRFA
CRFACRFA
CRFA
 
Canadian Restaurant & Foodservices Association
Canadian Restaurant & Foodservices AssociationCanadian Restaurant & Foodservices Association
Canadian Restaurant & Foodservices Association
 
Online Slide Show
Online  Slide  ShowOnline  Slide  Show
Online Slide Show
 
Online Slide Show
Online  Slide  ShowOnline  Slide  Show
Online Slide Show
 
The ABCs of Business Formation: Setting Up Your Company for Success
The ABCs of Business Formation: Setting Up Your Company for SuccessThe ABCs of Business Formation: Setting Up Your Company for Success
The ABCs of Business Formation: Setting Up Your Company for Success
 
Miner Cash Flow Project Presentation
Miner Cash Flow Project PresentationMiner Cash Flow Project Presentation
Miner Cash Flow Project Presentation
 
Selling To The Commonwealth Presentation
Selling To The Commonwealth  PresentationSelling To The Commonwealth  Presentation
Selling To The Commonwealth Presentation
 
Sales and Use Tax: What your Firm Needs to Know
Sales and Use Tax: What your Firm Needs to KnowSales and Use Tax: What your Firm Needs to Know
Sales and Use Tax: What your Firm Needs to Know
 
Avalara ecommerce Expo South Florida Sales Tax
Avalara ecommerce Expo South Florida Sales TaxAvalara ecommerce Expo South Florida Sales Tax
Avalara ecommerce Expo South Florida Sales Tax
 
CustomerServiceChap1
CustomerServiceChap1CustomerServiceChap1
CustomerServiceChap1
 
Raising Dough: Financing Your Farm or Food-Based Business
Raising Dough: Financing Your Farm or Food-Based BusinessRaising Dough: Financing Your Farm or Food-Based Business
Raising Dough: Financing Your Farm or Food-Based Business
 
7 things to know about running an Earned Income Tax Credit (EITC) campaign
7 things to know about running an Earned Income Tax Credit (EITC) campaign7 things to know about running an Earned Income Tax Credit (EITC) campaign
7 things to know about running an Earned Income Tax Credit (EITC) campaign
 
Turning LEADS Into Clients
Turning LEADS Into ClientsTurning LEADS Into Clients
Turning LEADS Into Clients
 
Shop 52 September 2010
Shop 52 September 2010Shop 52 September 2010
Shop 52 September 2010
 
What the New Healthcare Law Means for Your Kentucky Small Business
What the New Healthcare Law Means for Your Kentucky Small BusinessWhat the New Healthcare Law Means for Your Kentucky Small Business
What the New Healthcare Law Means for Your Kentucky Small Business
 
Best Buy careers in Finance, Accounting, or Tax
Best Buy careers in Finance, Accounting, or TaxBest Buy careers in Finance, Accounting, or Tax
Best Buy careers in Finance, Accounting, or Tax
 
Franklin County Doing Business with the Commonwealth Presentation
Franklin County Doing Business with the Commonwealth  PresentationFranklin County Doing Business with the Commonwealth  Presentation
Franklin County Doing Business with the Commonwealth Presentation
 
Tax Resolution: How To Get Started Offering This Lucrative Service
Tax Resolution: How To Get Started Offering This Lucrative ServiceTax Resolution: How To Get Started Offering This Lucrative Service
Tax Resolution: How To Get Started Offering This Lucrative Service
 
Selling to the Commonwealth Workshop Presentation
Selling to the Commonwealth  Workshop PresentationSelling to the Commonwealth  Workshop Presentation
Selling to the Commonwealth Workshop Presentation
 
Netwealth educational webinar: The advice practice of the future - does it be...
Netwealth educational webinar: The advice practice of the future - does it be...Netwealth educational webinar: The advice practice of the future - does it be...
Netwealth educational webinar: The advice practice of the future - does it be...
 

More from Minnesota Chamber of Commerce

The economic contributions of immigrants in minnesota
The economic contributions of immigrants in minnesotaThe economic contributions of immigrants in minnesota
The economic contributions of immigrants in minnesotaMinnesota Chamber of Commerce
 
The State of Entrepreneurship and Innovation in Minnesota
The State of Entrepreneurship and Innovation in MinnesotaThe State of Entrepreneurship and Innovation in Minnesota
The State of Entrepreneurship and Innovation in MinnesotaMinnesota Chamber of Commerce
 
Minnesota Chamber Grow Minnesota! 2013 Annual Report
Minnesota Chamber Grow Minnesota! 2013 Annual ReportMinnesota Chamber Grow Minnesota! 2013 Annual Report
Minnesota Chamber Grow Minnesota! 2013 Annual ReportMinnesota Chamber of Commerce
 
Immigrants: their growing role in our economy -- How to make them part of you...
Immigrants: their growing role in our economy -- How to make them part of you...Immigrants: their growing role in our economy -- How to make them part of you...
Immigrants: their growing role in our economy -- How to make them part of you...Minnesota Chamber of Commerce
 
Six success factors of sales, Gary Braun, Partner, Pivotal Advisors, LLC
Six success factors of sales, Gary Braun, Partner, Pivotal Advisors, LLCSix success factors of sales, Gary Braun, Partner, Pivotal Advisors, LLC
Six success factors of sales, Gary Braun, Partner, Pivotal Advisors, LLCMinnesota Chamber of Commerce
 
Minnesota Chamber Business Conference & Annual Meeting, keynote speaker, Doug...
Minnesota Chamber Business Conference & Annual Meeting, keynote speaker, Doug...Minnesota Chamber Business Conference & Annual Meeting, keynote speaker, Doug...
Minnesota Chamber Business Conference & Annual Meeting, keynote speaker, Doug...Minnesota Chamber of Commerce
 
Implementing Health Care in 2014: Guide For Employers Over 50
Implementing Health Care in 2014: Guide For Employers Over 50Implementing Health Care in 2014: Guide For Employers Over 50
Implementing Health Care in 2014: Guide For Employers Over 50Minnesota Chamber of Commerce
 
Implementing Health Care in 2014: Guide For Employers Under 50
Implementing Health Care in 2014: Guide For Employers Under 50Implementing Health Care in 2014: Guide For Employers Under 50
Implementing Health Care in 2014: Guide For Employers Under 50Minnesota Chamber of Commerce
 
National Trends in Manufacturing - Karen Kurek, national manufacturing & dist...
National Trends in Manufacturing - Karen Kurek, national manufacturing & dist...National Trends in Manufacturing - Karen Kurek, national manufacturing & dist...
National Trends in Manufacturing - Karen Kurek, national manufacturing & dist...Minnesota Chamber of Commerce
 
The Economic Outlook for Manufacturers - Dr. Ernie Goss, economist, Creighton...
The Economic Outlook for Manufacturers - Dr. Ernie Goss, economist, Creighton...The Economic Outlook for Manufacturers - Dr. Ernie Goss, economist, Creighton...
The Economic Outlook for Manufacturers - Dr. Ernie Goss, economist, Creighton...Minnesota Chamber of Commerce
 

More from Minnesota Chamber of Commerce (20)

Statewide policy tour results 2014
Statewide policy tour results 2014Statewide policy tour results 2014
Statewide policy tour results 2014
 
The economic contributions of immigrants in minnesota
The economic contributions of immigrants in minnesotaThe economic contributions of immigrants in minnesota
The economic contributions of immigrants in minnesota
 
2014 session wrap up webinar 05.20.14
2014 session wrap up webinar 05.20.142014 session wrap up webinar 05.20.14
2014 session wrap up webinar 05.20.14
 
Thinking differently to spur innovation
Thinking differently to spur innovationThinking differently to spur innovation
Thinking differently to spur innovation
 
Salesforce potential
Salesforce potentialSalesforce potential
Salesforce potential
 
The State of Entrepreneurship and Innovation in Minnesota
The State of Entrepreneurship and Innovation in MinnesotaThe State of Entrepreneurship and Innovation in Minnesota
The State of Entrepreneurship and Innovation in Minnesota
 
Deed job creation fund
Deed job creation fundDeed job creation fund
Deed job creation fund
 
Bernicks inc overview
Bernicks inc overviewBernicks inc overview
Bernicks inc overview
 
Assisting and mentoring business start ups
Assisting and mentoring business start upsAssisting and mentoring business start ups
Assisting and mentoring business start ups
 
Minnesota Chamber Grow Minnesota! 2013 Annual Report
Minnesota Chamber Grow Minnesota! 2013 Annual ReportMinnesota Chamber Grow Minnesota! 2013 Annual Report
Minnesota Chamber Grow Minnesota! 2013 Annual Report
 
Statewide policytours fall 2013 final
Statewide policytours fall 2013   finalStatewide policytours fall 2013   final
Statewide policytours fall 2013 final
 
How to stay competitive with the new tax changes
How to stay competitive with the new tax changesHow to stay competitive with the new tax changes
How to stay competitive with the new tax changes
 
Immigrants: their growing role in our economy -- How to make them part of you...
Immigrants: their growing role in our economy -- How to make them part of you...Immigrants: their growing role in our economy -- How to make them part of you...
Immigrants: their growing role in our economy -- How to make them part of you...
 
Six success factors of sales, Gary Braun, Partner, Pivotal Advisors, LLC
Six success factors of sales, Gary Braun, Partner, Pivotal Advisors, LLCSix success factors of sales, Gary Braun, Partner, Pivotal Advisors, LLC
Six success factors of sales, Gary Braun, Partner, Pivotal Advisors, LLC
 
Minnesota Chamber Business Conference & Annual Meeting, keynote speaker, Doug...
Minnesota Chamber Business Conference & Annual Meeting, keynote speaker, Doug...Minnesota Chamber Business Conference & Annual Meeting, keynote speaker, Doug...
Minnesota Chamber Business Conference & Annual Meeting, keynote speaker, Doug...
 
Implementing Health Care in 2014: Guide For Employers Over 50
Implementing Health Care in 2014: Guide For Employers Over 50Implementing Health Care in 2014: Guide For Employers Over 50
Implementing Health Care in 2014: Guide For Employers Over 50
 
Implementing Health Care in 2014: Guide For Employers Under 50
Implementing Health Care in 2014: Guide For Employers Under 50Implementing Health Care in 2014: Guide For Employers Under 50
Implementing Health Care in 2014: Guide For Employers Under 50
 
National Trends in Manufacturing - Karen Kurek, national manufacturing & dist...
National Trends in Manufacturing - Karen Kurek, national manufacturing & dist...National Trends in Manufacturing - Karen Kurek, national manufacturing & dist...
National Trends in Manufacturing - Karen Kurek, national manufacturing & dist...
 
The Economic Outlook for Manufacturers - Dr. Ernie Goss, economist, Creighton...
The Economic Outlook for Manufacturers - Dr. Ernie Goss, economist, Creighton...The Economic Outlook for Manufacturers - Dr. Ernie Goss, economist, Creighton...
The Economic Outlook for Manufacturers - Dr. Ernie Goss, economist, Creighton...
 
Minnesota Business Barometer Results
Minnesota Business Barometer ResultsMinnesota Business Barometer Results
Minnesota Business Barometer Results
 

Recently uploaded

Data skills for Agile Teams- Killing story points
Data skills for Agile Teams- Killing story pointsData skills for Agile Teams- Killing story points
Data skills for Agile Teams- Killing story pointsyasinnathani
 
PDT 89 - $1.4M - Seed - Plantee Innovations.pdf
PDT 89 - $1.4M - Seed - Plantee Innovations.pdfPDT 89 - $1.4M - Seed - Plantee Innovations.pdf
PDT 89 - $1.4M - Seed - Plantee Innovations.pdfHajeJanKamps
 
Anyhr.io | Presentation HR&Recruiting agency
Anyhr.io | Presentation HR&Recruiting agencyAnyhr.io | Presentation HR&Recruiting agency
Anyhr.io | Presentation HR&Recruiting agencyHanna Klim
 
Upgrade Your Banking Experience with Advanced Core Banking Applications
Upgrade Your Banking Experience with Advanced Core Banking ApplicationsUpgrade Your Banking Experience with Advanced Core Banking Applications
Upgrade Your Banking Experience with Advanced Core Banking ApplicationsIntellect Design Arena Ltd
 
Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access
 
Ethical stalking by Mark Williams. UpliftLive 2024
Ethical stalking by Mark Williams. UpliftLive 2024Ethical stalking by Mark Williams. UpliftLive 2024
Ethical stalking by Mark Williams. UpliftLive 2024Winbusinessin
 
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John MeulemansBCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John MeulemansBBPMedia1
 
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdfTalent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdfCharles Cotter, PhD
 
UNLEASHING THE POWER OF PROGRAMMATIC ADVERTISING
UNLEASHING THE POWER OF PROGRAMMATIC ADVERTISINGUNLEASHING THE POWER OF PROGRAMMATIC ADVERTISING
UNLEASHING THE POWER OF PROGRAMMATIC ADVERTISINGlokeshwarmaha
 
PDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdfPDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdfHajeJanKamps
 
Project Brief & Information Architecture Report
Project Brief & Information Architecture ReportProject Brief & Information Architecture Report
Project Brief & Information Architecture Reportamberjiles31
 
Introduction to The overview of GAAP LO 1-5.pptx
Introduction to The overview of GAAP LO 1-5.pptxIntroduction to The overview of GAAP LO 1-5.pptx
Introduction to The overview of GAAP LO 1-5.pptxJemalSeid25
 
Developing Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, OursDeveloping Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, OursKaiNexus
 
Cracking the ‘Business Process Outsourcing’ Code Main.pptx
Cracking the ‘Business Process Outsourcing’ Code Main.pptxCracking the ‘Business Process Outsourcing’ Code Main.pptx
Cracking the ‘Business Process Outsourcing’ Code Main.pptxWorkforce Group
 
Intellectual Property Licensing Examples
Intellectual Property Licensing ExamplesIntellectual Property Licensing Examples
Intellectual Property Licensing Examplesamberjiles31
 
Plano de marketing- inglês em formato ppt
Plano de marketing- inglês  em formato pptPlano de marketing- inglês  em formato ppt
Plano de marketing- inglês em formato pptElizangelaSoaresdaCo
 
To Create Your Own Wig Online To Create Your Own Wig Online
To Create Your Own Wig Online  To Create Your Own Wig OnlineTo Create Your Own Wig Online  To Create Your Own Wig Online
To Create Your Own Wig Online To Create Your Own Wig Onlinelng ths
 
Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access
 
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdfAMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdfJohnCarloValencia4
 
Entrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizationsEntrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizationsP&CO
 

Recently uploaded (20)

Data skills for Agile Teams- Killing story points
Data skills for Agile Teams- Killing story pointsData skills for Agile Teams- Killing story points
Data skills for Agile Teams- Killing story points
 
PDT 89 - $1.4M - Seed - Plantee Innovations.pdf
PDT 89 - $1.4M - Seed - Plantee Innovations.pdfPDT 89 - $1.4M - Seed - Plantee Innovations.pdf
PDT 89 - $1.4M - Seed - Plantee Innovations.pdf
 
Anyhr.io | Presentation HR&Recruiting agency
Anyhr.io | Presentation HR&Recruiting agencyAnyhr.io | Presentation HR&Recruiting agency
Anyhr.io | Presentation HR&Recruiting agency
 
Upgrade Your Banking Experience with Advanced Core Banking Applications
Upgrade Your Banking Experience with Advanced Core Banking ApplicationsUpgrade Your Banking Experience with Advanced Core Banking Applications
Upgrade Your Banking Experience with Advanced Core Banking Applications
 
Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024
 
Ethical stalking by Mark Williams. UpliftLive 2024
Ethical stalking by Mark Williams. UpliftLive 2024Ethical stalking by Mark Williams. UpliftLive 2024
Ethical stalking by Mark Williams. UpliftLive 2024
 
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John MeulemansBCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
 
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdfTalent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
 
UNLEASHING THE POWER OF PROGRAMMATIC ADVERTISING
UNLEASHING THE POWER OF PROGRAMMATIC ADVERTISINGUNLEASHING THE POWER OF PROGRAMMATIC ADVERTISING
UNLEASHING THE POWER OF PROGRAMMATIC ADVERTISING
 
PDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdfPDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdf
 
Project Brief & Information Architecture Report
Project Brief & Information Architecture ReportProject Brief & Information Architecture Report
Project Brief & Information Architecture Report
 
Introduction to The overview of GAAP LO 1-5.pptx
Introduction to The overview of GAAP LO 1-5.pptxIntroduction to The overview of GAAP LO 1-5.pptx
Introduction to The overview of GAAP LO 1-5.pptx
 
Developing Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, OursDeveloping Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, Ours
 
Cracking the ‘Business Process Outsourcing’ Code Main.pptx
Cracking the ‘Business Process Outsourcing’ Code Main.pptxCracking the ‘Business Process Outsourcing’ Code Main.pptx
Cracking the ‘Business Process Outsourcing’ Code Main.pptx
 
Intellectual Property Licensing Examples
Intellectual Property Licensing ExamplesIntellectual Property Licensing Examples
Intellectual Property Licensing Examples
 
Plano de marketing- inglês em formato ppt
Plano de marketing- inglês  em formato pptPlano de marketing- inglês  em formato ppt
Plano de marketing- inglês em formato ppt
 
To Create Your Own Wig Online To Create Your Own Wig Online
To Create Your Own Wig Online  To Create Your Own Wig OnlineTo Create Your Own Wig Online  To Create Your Own Wig Online
To Create Your Own Wig Online To Create Your Own Wig Online
 
Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024
 
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdfAMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
 
Entrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizationsEntrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizations
 

Slides for regional policy meetings 5-10

  • 1. THE VOICE OF BUSINESS Regional Policy Meeting The time is NOW! • Introductions • What are your priorities? • Higher Ed and Workforce Needs • Tax Reform: Initial thoughts • Wrap-up
  • 2. THE VOICE OF BUSINESS Your Policy Priorities • What can we work on to make Minnesota’s business climate more competitive?
  • 3. THE VOICE OF BUSINESS Higher Education and Workforce • New hires and applicants • Current workforce • Coming trends in your industry
  • 4. THE VOICE OF BUSINESS Tax Reform • It’s coming. • Governor Dayton’s focus: stability, more revenue. • The Minnesota Chamber’s focus: competitiveness Revenue Commissioner Myron Frans Photo: Howard Lestrud, ECM Publishers
  • 5. THE VOICE OF BUSINESS Why Reform? • Globalization • Economy • Demographics • Innovation/ Technology • Minnesota Competitiveness
  • 6. THE VOICE OF BUSINESS Why Reform? “Our recommendations…will transform MN into a global engine of economic growth and job creation….The sooner MN moves to gain the global competitive edge, the more quickly all Minnesotans can reap the benefits of job growth and economic expansion.” Governor’s 21st Century Tax Reform Commission
  • 7. THE VOICE OF BUSINESS A Starting Point… • Expand the sales tax base to include more consumer-purchased goods and services • Decrease the sales tax rate • Decrease or eliminate some business taxes • End result = revenue neutral
  • 8. THE VOICE OF BUSINESS Tax Reform Scenario - Assumes $2.1 Billion in Sales Tax Base Expansion FY 2014 Sales tax base expansion at 6.5% $2,100,000 Repeal state property tax ($820,000) 20% exemption for pass through income ~($150,000) Capital equipment up front exemption ($92,000) Exempt technology inputs from sales tax ~($200,000) Reduce corporate income tax rate to 7.0% ($250,000) Sales tax rate cut to 6.0% ($534,000) Low income tax credit ($50,000) Total $4
  • 9. THE VOICE OF BUSINESS Option #1: Broad Consumer Sales Tax Base Expansion (~$2.1B) Food Fem. Hygiene Prod Tickets to MN Zoo Funeral services Clothing Caskets & Vaults YM/WCA & JCC Other pers. service Prescription Drugs Publications Inst. Meals Inv. counseling OTC Drugs Textbooks Fundraising sales Brokerage fees Medical Devices Res. Heating Fuels Artistic events Car repair Eyeglasses Res. Water Service School events HH goods repair Baby Products Sewer Service Pers. care services Elec. equip. repair
  • 10. THE VOICE OF BUSINESS Option #2: Moderate Sales Tax Base Expansion (~$1.4B) Food @ 3% Fem. Hygiene Prod Tickets to MN Zoo Funeral services Clothing Caskets & Vaults YM/WCA & JCC Other pers. service Prescription Drugs Publications Inst. Meals Inv. counseling OTC Drugs Textbooks Fundraising sales Brokerage fees Medical Devices Res. Heating Fuels Artistic events Car repair Eyeglasses Res. Water Service School events HH goods repair Baby Products Sewer Service Pers. care services Elec. equip. repair
  • 11. THE VOICE OF BUSINESS What do you think? • Willing to support expansion of the sales tax base to get lower rate, business tax cuts and more stable tax revenues? • Which business taxes to target? – Property tax (state or local) – Income tax (personal or corporate) – Sales tax
  • 12. THE VOICE OF BUSINESS Thank You! ? • Questions? • Join the Minnesota Chamber and the Small Business Policy Committee! ’s

Editor's Notes

  1. Handouts available: 2012 session Scorecard.
  2. according to 2010 tax revenues, 40 percent of dollars came from the property tax, 33 percent from the income tax and 27 percent from the sales tax.
  3. The Chamber has spent 2+ years looking into the issue of tax reform. We want to show you what we think a good starting point looks like, and see what you think of it.
  4. This shows what we could lower if we expand the sales tax base at a rate of 6.5%. All numbers in thousands so net total = $4,000. Revenue Neutral.
  5. As of 2010 this expansion is estimated to bring in $2.1 billion in FY2014, the amount necessary to do everything described in the previous slide.
  6. This option would bring in about $1.4 billion in FY2014. It could be more politically palatable; it also shows that the big ticket items are food and clothing.