The cut in the corporate tax rate from 35 percent to 21 percent is the centerpiece of the Tax Cut Package that took effect this year. This put the United States in line with the rest of the developed world, which has a 24.1 percent average corporate tax rate.
Growing up a proud Michigander, I was under the impression that all the lakes worth visiting were in my home state. If not only for the beauty, majesty and bragging rights that come with being the “Great Lakes State” but for the sheer number of bodies of water found here. Minnesota, “land of a thousand lakes”? We scoff at you. Michigan is home to over 11,000! No matter where in the state you are standing, you are never more than six miles from one of these refreshing beauties. Can that be topped? Michigan is surely the epicenter of all things freshwater and deserves every lake-related accolade.
Well, it happened … in August, I turned the BIG 4-0! Honestly, I’ve kind of felt like I was 40 for the last ten years, so it’s really not much different. One thing that this old man has noticed lately is “Help Wanted” signs posted just about everywhere. As the economy officially printed its second quarter GDP at 4.1% according to the Bureau of Labor Statistics, and the official unemployment rate is wavering between 3.8% and 4%, it seems like even local McDonald’s restaurants are looking to hire at above $11/hour. Bank tellers I’ve asked are starting at $12/hour and more seasoned vets are now making $15/hour. Employment demand is outpacing people looking for work and it is resulting in average wages starting to make notable increases. This is a good thing, being that it has felt like wages really haven’t moved in about a decade!
President Trump’s so-called “trade war” has gotten a lot of media attention. Tariffs raise prices for consumers, as illustrated by the recent price increase for washing machines, a good that recently received tariff protection. Tariffs on raw materials raise costs for U.S. manufacturers, which cuts into their profits and reduces their competitiveness. Second quarter 2018 earnings for General Motors decreased by three percent due in part to higher aluminum and steel prices resulting from tariffs. The auto maker recently said that proposed tariffs on auto parts might result in layoffs and reduced investment. Tariffs also close markets to domestic producers if foreign countries retaliate. Recently, the European Union retaliated with tariffs on U.S. agriculture products and the U.S. government has pledged $12 billion of taxpayer money to farmers to partially offset the loss of overseas markets after China.
If any of my friends are looking at the title of this column they are certainly thinking, “Toldo, are you sincerely telling anyone not to be late?”
Think we don’t agree on anything anymore? Fine, let’s fix that …
Have you ever had the experience of returning to a place you had been before, to find it utterly different than you remembered?
The terrorist attacks that occurred on September 11, 2001 had a profound effect on our country and has been described as the deadliest terrorist attack on U.S. soil in American history. People watched in horror as the South and West towers of the World Trade Center were struck by hijacked planes, bringing them to the ground. We watched Flight 93 crash in Western Pennsylvania and another plane hit the Pentagon in Arlington, Virginia. On this day 2,996 people lost their lives.
