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News & Press: Chairman's Message

Chairman's Message: December 2017

Thursday, December 21, 2017   (0 Comments)
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Dear members and friends,

¡Saludos!

On behalf of our board of directors and committee chairs, I want to wish you a very happy holiday season and a prosperous 2018. Please join us in celebrating Hispanic Exceptionalism at our 5th Annual Business Excellence Awards Holiday Gala on January 18th, 2018. The historic Belvedere Hotel in Baltimore will serve as this year’s venue, and this year the Gala will be bigger and better. Tickets include a cocktail reception, an upgrade option for the VIP cocktail reception at the 13th floor (both with complimentary hors d’oeuvres), Baltimore Mayor Catherine Pugh as the Keynote Speaker, the Business Excellence Awards ceremony, a delicious 3-course dinner, dancing and celebration into the late evening. Plus, this year, there will be a complimentary open beer & wine bar all night long. Limited tickets are available here: bit.ly/MDHCC-GALA-2018. Please don’t miss this opportunity to celebrate those outstanding individuals and companies that contribute to our Hispanic community and our State at-large.

As we look forward to 2018, a big unknown continues to be the effect of the Republican tax cut bill on business owners, our national economy and individuals in general. While the Senate bill promises tax cuts to small businesses that in our view will benefit with a 20% reduction in the tax burden, the House bill seems to be better constructed to supercharge job creation and economic growth. Their creators claim that the money, which corporate entities would otherwise pay in taxes, will go directly to creating more jobs and increasing wages. However, this is not the first time these kind of corporate tax cuts have been done and we have no evidence that suggests that wages will increase and more jobs will be created. History suggests these monies will go to executive compensation, invested back in to the company as they buy back their own shares of stock, and in dividends to shareholders.

Large enterprises really do not create a lot of new jobs, even with tax cuts or incentives. They are large, translational firms that move at a very slow rate and plan capital, infrastructure and personnel expansions carefully. Job creation happens at the micro level: in small businesses in the early entrepreneurial and early growth stages. The focus for job creation should be here.

On the other side, we are concerned with the expected impact to our national debt, which will, undoubtedly, resemble that of previous tax cuts. The Congressional Budget Office and the Congressional Joint Committee on Taxation estimate an increase of $1.46 Trillion added to the national debt in 10 years. However, temporary provisions in the tax cuts, if extended, will add another 2 trillion dollars making the total debt burden climb to almost $4 trillion dollars.

The MDHCC is also working diligently to oppose the veto override of HB1, which threatens small businesses of less than 50 employees as it stands now. We have been working behind the scenes with the Maryland Chamber of Commerce and the Maryland Chamber Competitiveness Coalition to address our deep concerns with our legislators in Annapolis. Our Government Affairs committee is working hard on this and other fronts, so please save the date for January 17, 2018, as we need small business owners to come with us to speak, tell your stories, and convey to legislators how a mandatory leave bill will deleteriously affect your business.

Happy holidays from our MDHCC family to yours and see you at the Gala!


Onward!

Jorge Eduardo Castillo
Chairman
Maryland Hispanic Chamber of Commerce
Chair@mdhcc.org


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