Tag Archives: Kentwood-Wyoming Chamber of Commerce

Local leaders start new year at Chamber’s January WKTV Government Matters meeting

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WKTV’s Viebit service allows on-demand viewing of Wyoming and Kentwood government meetings, including the monthly Government Matters meeting. (WKTV)

WKTV Staff

news@wktv.org

 

Discussion ranging from national security to local mental health care were presented Monday, Jan. 8, as part of the Wyoming-Kentwood Chamber of Commerce’s monthly Government Matters meeting.

 

At the meeting, a representative of U.S. Sen. Gary Peters’ office talked about Sen.s Peters and Debbie Stabenow (both D-Mich.) attending the activation ceremony of the 272nd Cyber Operations Squadron at Battle Creek Air National Guard Base on Jan. 6. The 110th Attack Wing at Battle Creek “will bolster efforts to protect Department of Defense networks against cyber threats,” according to supplied information.

 

Also at the Government Matters meeting, Kent County Commissioner Harold Mast discussed the current funding shortfall for Network180, the county’s provider of support to persons with developmental disabilities, mental and behavioral health problems including addiction and substance use, and the family members who access services for those needing mental health assistance. Network180 is currently dealing with a nearly $10 million shortfall due to changes in State of Michigan reimbursement of Medicaid policies.

 

The monthly meeting brings together government leaders of all levels to discuss issues of importance and presents those discussions through WKTV’s live, delayed and on-demand broadcasts.

 

The Chamber’s Government Matters meetings include representatives of the cities of Kentwood and Wyoming, Kent County, local Michigan House of Representatives and Senate, and, often, representatives of other regional, State of Michigan and Federal elected officials. The next meeting will be Feb. 12 at Wyoming City Hall.

 

The meetings are on the second Monday of each month, starting at 8 a.m. WKTV Journal will produce a highlight story after the meeting. But WKTV also offers replays of the Monday meetings on the following Wednesday at 7 p.m. on Comcast Cable Government Channel 26. Replays are also available online at WKTV’s government meetings on-demand page (wktv.viebit.com) and on the chamber’s Facebook page.

 

Tax changes — of some sort — coming, expert tells chamber meeting

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Brent Karhoff, of Hungerford Nichols CPAs and Advisors, speaking Nov. 30 to the Wyoming-Kentwood Area Chamber of Commerce’s Business Briefing Luncheon. (K.D. Norris/Now.WKTV.org)
Brent Karhoff, of Hungerford Nichols CPAs and Advisors, speaking Nov. 30 to the Wyoming-Kentwood Area Chamber of Commerce’s Business Briefing Luncheon. (K.D. Norris/Now.WKTV.org)

By K.D. Norris

ken@wktv.org

 

Brett Karhoff, of Hungerford Nichols CPAs and Advisors, told Wyoming and Kentwood business leaders Wednesday that changes are likely coming to personal and small business taxes in the wake of the election of President-elect Donald Trump — but, he warns, don’t expect quick action.

 

“We have a new president, not a new tax law, yet,” Karhoff said, speaking Nov. 30 to the Wyoming-Kentwood Area Chamber of Commerce’s Business Briefing Luncheon. Despite having Republican control of the White House, the Senate and the House of Representatives, “Personally, I don’t think they will get it done in a year … maybe not even in this (2-year Congressional) term.”

 

In a discussion titled “The President’s Tax Plan: What will it mean to your business and family over the next four years?”, Karhoff detailed the existing Republican “A Better Way” plan — so-called the “Blueprint” — which proposes reducing the number of tax brackets; reducing tax rates on capital gains, dividends and interest income; and eliminating the Alternative Minimum Tax.

 

A key part of the Blueprint for personal taxes, he said, would be to eliminate all itemized deductions except mortgage interest and charitable contributions — pointing out that medical deductions could be on the block, something that could greatly impact seniors.

 

For business taxes, he said, a key point would include reducing corporate tax rate to 20 percent,

 

He also detailed some how some of Trump’s election season “contract” with taxpayers are similar or different from the existing Republican plan. (The contract is at donaldjtrump.com/contract)

 

Trump, according to his contract, would repeal the Net Investment Income Tax and, similar to the Blueprint, the Alternative Minimum Tax. It would also greatly increase the standard deduction for single and married taxpayers, more than doubling it.

 

For business taxes, Karhoff said, a proposed business tax rate of 15 percent could be good for small business, while a proposed one-time rate of 10 percent for repatriation of corporate profits held offshore could be good for large businesses.

 

While proposed tax reductions are made clear by both the Blueprint and Trump’s contract, Karhoff said, what is missing is how the revenue side of the federal budget will be balanced — “That may be the surprise in 2017.”

 

The bottom line for most Wyoming and Kentwood personal and small business taxpayers, Karhoff said, is that people should just watch and wait.

 

“It is probably worth paying attention to what is going on, what the Trump camp is planning,” he said. “Because I do think it will happen and you need to be prepared. (Changes) will come at some point and you need to be ready. To do that, there are some things you need to think about now, get all your itemized deductions into this year, maybe, into 2016, because in 2017 you may not be able to use them. You need to just watch and plan.”

 

Shopping Small Business Saturday helps local economy

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Locally owned: Fruit Basket Flowerland
Locally owned: Fruit Basket Flowerland

By Joanne Bailey-Boorsma

joanne@wktv.org

 

We hear a lot about Black Friday and Cyber Monday, but sandwiched in between is probably the one shopping day that has the most impact on a local economy: Small Business Saturday.

 

Actually launched by American Express in 2010, Small Business Saturday is designed to encourage people across the country to support small, local businesses. The reason is simple according to Bob O’Callaghan, president and chief executive officer for the Wyoming-Kentwood Chamber of Commerce.

 

“When you shop at a small business you help feed a local family and their tax dollars stay local,” O’Callaghan said.

 

According to a recent Forbes magazine article, there are 28 million American small businesses, which account for 54 percent of all U.S. sales.

 

“The backbone of any economy is the local brick and mortar buildings that belong to the small business,” O’Callaghan said, adding that the Wyoming-Kentwood Chamber of Commerce is made up of 75 percent small and local businesses.

 

Cheers to the holidays: Cascade Winery
Cheers to the holidays: Cascade Winery

According to Local First of West Michigan, by shifting 10 percent of your spending towards locally owned business helps create up to 1,600 new jobs. The American public appears to be making that shift since according to the Small Business Saturday Consumer Insights Survey, commissioned by American Express and the National Federation of Independent Businesses, more than 95 million people shopped small business in 2015, which is an 8 percent increase from the 2014 Small Business Saturday. The survey also shows that more than 16 billion was spent at small independent businesses on the 2015 Small Business Saturday.

 

“Small Business Saturday is a great entry point to start learning about and supporting local businesses,” said LocalFirst Marketing Manager Mieke Stoub. “We hope that the community continues to support our local economy after the holidays and throughout the year.”