Dear citizens the recent changes in the tax code are leading to major changes throughout the entire United States so you want to make sure your local and state government officials are taking these four things below seriously. If your officials are not talking about these things, email this article to them and tell them that you expect them to pay attention because if they don’t your town, city and state may suffer in the near future. —————————————————————————
Government officials, whether you realize it or not the new US tax laws just turned up the intensity of state competition. With the new rules around international tax provisions and massive changes to corporate taxes you will likely see 1) repatriation of business and resources, 2) domestic expansion, 3) companies with more cash on hand. All of these are very critical because states and local governments will more than likely be sharpening their pencils to start making changes to their tax laws to benefit from these very likely changes.
As you think about the changes that should be made in your jurisdiction, it will be very important that you create an environment that is attractive for more businesses. Here a few highlights to keep in mind as you aim to improve your attraction of profitable businesses:
Relevant workforce – what types of training and educational development (ED) programs exist in your city (hint: don’t assume that a collegiate degree program and ED programs are one in the same, real ED programs focus on equipping their participants with real world hands on experience). Don’t forget to promote the non-collegiate development opportunities that you offer.
Digital infrastructure – do you have quality internet service providers that can meet the growing needs of a fast-growing digital world?
Entrepreneurial attitude – with the massive industry upsets from disruptive companies businesses in every industry are fighting to stay alive and one of the things they need more than ever, is an entrepreneurial environment so ask yourself; “what type of love does my city show towards entrepreneurial thinking?.”
A well marketed city, consider creating ads on social media to promote your city which may cost you less than a couple hundred dollars a month. You can do all of the right things in your city, but if not enough people know about it you may never see the benefits of your hard work.
At the end of the day you must remember the state competition to attract businesses, jobs and growth is more intense than before so you better be focused on ways to bring the best value to your constituents or another state will which can be bad for the people that elected you and the home you love.
For more ideas and tips that can help you; like the Facebook page @TLTurner Group, follow @60secondmoney on Instagram or check out the podcast 60 second Money especially the crazy business idea segments (ideas that help you win with money).