In case you missed it...
Fiscal and taxes:
Lawmakers in Washington D.C. heard from a small business owner this week who says he spends in excess of $14,000 per year trying to comply with the overly complex federal tax code. “The tax code is unfair to small businesses, biased against savings and investment, and impossibly complex,” said Tim Reynolds, the owner of a small software company in Ohio. “A tax system dedicated to investment, savings, and small business growth must be put in its place.” According to Reynolds, the overly burdensome tax system is a major hindrance for new startups and entrepreneurs. (Read more)
Economists of all stripes agree that when a business is forced to increase its minimum wage, it must also increase the price of its goods or services. Advocates of higher minimum wage generally gloss over this tradeoff, focusing instead on what they describe as the “wage gap” between the white middle class and struggling minority groups. The truth, however, is that in addition to increasing costs on all consumers, increasing the minimum wage disproportionately impacts these very same minorities with higher unemployment rates. (Read more)
Investors, taxpayers and government officials want to know what Faraday Future’s plan is moving forward. The electric car manufacturer, which was slated to receive over $215 million in tax incentives from the state, doesn’t seem to have a consistent message regarding its financial troubles. “Their story changes,” explained Nevada Treasurer Dan Schwartz. Currently, construction of Faraday’s planned manufacturing plant at Apex Industrial Park remains shuttered, due to lack of funding, and the company has been unable to pay many of its outstanding bills with various vendors. (Read more)
Nearly 95 percent of Boeing’s 3,000 South Carolina workers turned out to vote in an election asking whether or not they wanted to be represented by the International Association of Machinists. That’s the exact same union that led the strike in Washington that convinced Boeing to move some operations to South Carolina. In a major blow to the union, almost 75 percent of workers rejected the union’s offer to represent them. (Read more)
Republicans have introduced another proposal to replace Obamacare. Sen. Rand Paul, R-Ky., and Rep. Mark Sanford, R-S.C., introduced a bill to replace the failed Affordable Care Act on Wednesday, and have already gained the support of the House Freedom Caucus. That’s a group of roughly 40 conservative members of the lower chamber. Among other things, the bill focuses heavily on the expansion of health savings accounts, removing the current maximum contribution limit of $3,400. (Read more)