Some random thoughts…
The so-called “Jobs Growth Act,” which allows high-income workers at firms with enough employees to qualify to cut their state income taxes, survived General Assembly scrutiny and was signed into law last month. Hopefully, it will accomplish its goal of encouraging the decision makers at some of our biggest employers to expand operations and increase employment levels here. It better.
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These types of tax break programs are becoming increasingly popular across the country. And, in fact, it is imperative that Rhode Island has the resources it needs to compete, especially with neighboring states.
But small-business owners and regular taxpayers, if you will, seem to be cooling on them.
They’re wondering where their tax breaks are. Can you blame them?
Economic development officials must make a point of tracking the results of this measure closely so that they can document for the public precisely how many jobs are being created – and how long it takes to create them. Unless they are able to demonstrate real results on the overall economy, you can bet that support for such tax incentive programs will wane.
And speaking of tax breaks, the same can be said regarding the tax break legislators adopted for the television and film industry. The bill provides income tax credits of up to 25 percent to production companies that shoot movies and TV shows in Rhode Island and for individual investors who support them. Let’s hope it works.
We have a beautiful state with miles of coastline, acres of pristine land and numerous historic properties. With tax breaks in place, you would think filmmakers and others would find Rhode Island an ideal location to work. So now let’s see if the projects – and the business that should come with them – materialize.
Tom Friedman, the award-winning New York Times columnist has a bestselling book out, “The World is Flat.” Its premise is that a convergence of technology and events has allowed India and China and other countries to become part of the global supply chain for services and manufacturing.
He suggests that with this “flattening” of the globe we have to “run faster just to stay in place.” It is a fascinating – and alarming – take on things. And it couldn’t be timelier.
For example, did you see where IBM, the world’s largest information technology company, is in the midst of laying off 13,000 workers here and in Europe. At the same time, the company will increase its payroll in India this year – by 14,000 workers.
As you read this, I’ll be in Disney World for our first ever family vacation there. I’m told that in addition to having a lot of fun, I’m going to get a firsthand look at folks who know how to run a business, particularly in terms of customer service. Someone else mentioned that it might be a bit warm in Florida in July. But it can’t be any hotter than here. Can it?
They couldn’t possibly do it two years in a row. Could they?
Whenever I walk through Waterplace Park I can’t help but think that it should be so much more than it is. The new GTECH headquarters and the other developments going on around it should help.
Of course we shouldn’t be relying on professional athletes to serve as role models for our kids, but it should not go unnoticed that Shaquille O’Neal, the 7-foot, 1-inch center for the Miami Heat and one of the greatest players in basketball history did something pretty special on Saturday, June 25 – and it had nothing to do with basketball. He picked up his MBA from the University of Phoenix.
O’Neal said he wanted something for his resume when his playing days are over. O’Neal is a millionaire many times over and he will not have any trouble finding a job in the sports and entertainment industries. That he took the time to earn an advanced degree (he is already a graduate of Louisiana State University) sends a terrific message, not only to young people – but to everyone.
Let me end with this. Do you know what books your son or daughter or niece or nephew is reading this summer? Ask them.
