In this Capitol Report:
- CACI and NAM bring Governor George Allen for a Program with CAMA at Tomra Sorting Solutions
- The Candidates: 2018 Gubernatorial Hopefuls
- CACI Chair’s Roundtable Features Internationally Known Speaker on Social Selling
- CACI Council Meeting Schedule for 2018
- CACI 101: Meet & Greet New CACI Members
- CACI’s Fed Council Connects with Federal Reserve to Talk Community Development
- CACI’s Curtsinger Speaks to Ins & Outs of Tax Reform, Healthcare
- Want to know more about the Tax Cuts & Jobs Act, a.k.a. tax reform? Just read on!
This Capitol Report is brought to you by:
CACI and NAM bring Governor George Allen for a Program with CAMA at Tomra Sorting Solutions
Lots of names and acronyms, this was a collaborative program between CACI, the National Association of Manufacturers, CAMA and our host, Greg Smith of Tomra Sorting Solutions. Governor George Allen is co-chair of the Manufacturing Competitiveness Initiative, a NAM effort aimed at examining and highlighting the competitiveness challenges facing manufacturers. Former Governor and former U.S. Senator Allen spoke to a group of Colorado manufacturers federal policy issues, with particular focus on the impact of potential tax policy changes on manufacturers. Attendees toured Tomra and viewed demonstrations of its high-speed, built-in-Colorado, sorting equipment. For more information on how to become involved in the Manufacturing Leaders Group, please contact Lalitha Christian.
The Candidates: 2018 Gubernatorial Hopefuls
Westin Denver Downtown
Thursday, January 25th
Registration & Networking: 11:15-12:00 Noon
Luncheon Program: 12:00N-1:30 p.m.
Don’t miss this Gubernatorial Forum and the opportunity to hear the leading candidates for Governor share with CACI members why they would be the best Governor for Colorado’s economy, and for our state’s businesses and workers. The Colorado Chamber’s premier annual event, Colorado Business Day, is designed to bring together CEOs, small business leaders, local chamber executives and elected officials from across the state.
Mr. Noel Ginsberg
The Honorable Jared Polis
Mr. Doug Robinson
The Honorable Walker Stapleton
Mr. Tom Tancredo
The Honorable George Brauchler
The Honorable Cynthia Coffman
Mr. Michael Johnston
Ms. Cary Kennedy
The Honorable Donna Lynne
Mr. Victor Mitchell
For sponsorship opportunities, contact Tricia Smith, Sr. Vice President, Events & Political Fundraising at TSmith@COchamber.com or 303-866-9629.
CACI Council Meeting Schedule for 2018
As the 2018 legislative session approaches, we want to invite you to once again participate in CACI’s Council Meetings. CACI councils offer a unique opportunity for CACI members to add their expertise and judgment to our policy-making and influence legislation and regulations that impact business. Council meetings provide an open and frank dialogue between our members, key legislators and state agency leaders.
|Energy & Environment Council:||Labor & Employment Council:|
|January 31st||January 24th|
|February 28th||February 21st|
|March 28th||March 14th|
|April 25th||April 11th|
|Governmental Affairs Council:||Tax Council:|
|January 30th||January 19th|
|February 13th||February 9th|
|March 13th||March 9th|
|April 17th||April 13th|
|HealthCare Council:||Federal Council:|
|January 18th||February 6th|
|February 15th||April 3rd|
|March 22nd||May 1st|
|April 26th||July 17th|
|November 27th (if needed)|
Please contact Laura Moss for more details or to sign up as a sponsor.
CACI 101: Meet & Greet New CACI Members
On Wednesday, Dec. 6th at 3:30pm in the CACI Conference Room there will be an opportunity to learn everything you need to know about getting the most out of your membership. If you are a newer member or just new to your involvement with CACI, come hear from CACI staff and CACI Council Chairs about ways to connect and leverage your participation effectively. Experimental, delicious desserts from the kitchen of Steven Roberts Original Desserts and a Red Robin gift card for all who attend! Register today!
Following CACI 101, come to our Holiday Happy Hour at 10 Barrel Brewing!
CACI’s Fed Council Connects with Federal Reserve to Talk Community Development
Tuesday’s Federal Policy Council met at the always-impressive Federal Reserve Bank for a glimpse into how community development and federal reinvestment efforts can have a local effect on employees, employers and business bottom lines. Guest speaker Ariel Cisneros, spoke to the efforts of various federal programs being used to meet the financial needs of Colorado citizens, particularly where Community Reinvestment Act (CRA) requirements bring together banking partners from around the state to communities facing both growing pains and economic challenges.
Cisneros presented a wealth of economic data culled from the Federal Reserve meant to help employers and the business community imagine financial and/or economic circumstances facing current and potential employees. More specifically, Cisneros painted a picture: whether workers are unbanked or underbanked, their level of exposure to financial literacy and whether they are saving for retirement can all be helpful indicators for companies. For certain manufacturing and energy sectors, economic data points to greater pay and lower benefits as the best answer to employee retention. The more education an employee has, the more likely they are to value benefits over direct pay – valuable insight for companies who face employee churn and elevated costs of hiring and training as a result.
Click HERE to view Cisneros’ PowerPoint for access to the many links, reports and data available through the Federal Reserve, including newly released economic data for Colorado and Region J, community partner and program links, reports and data on the positive effects of financial literacy efforts on Colorado’s workforce.
CACI’s Curtsinger Speaks to Ins & Outs of Tax Reform, Healthcare
Leah Curtsinger, CACI’s Federal Policy Director, spoke to the Federal Policy Council about what to expect from Congress when it comes to the 2018 budget, upcoming tax reform, the health of health care reform, and avoiding a potential government shutdown.
What you need to know:
Budget – In recent weeks, the U.S. Senate and House have both narrowly passed budgets which allow Congress to use reconciliation as a tool for passage of a tax reform package. The proposed budget creates $1.5 trillion in tax cuts over ten years, where Medicare and Medicaid will see some of the largest cuts. Additionally, tax reform is not reliant on a budget being passed, but using the budget reconciliation tool allows Senate and House leadership to only need a simple majority for passage (i.e. 51 votes in the Senate, 219 in the House), and thus Republicans would not necessarily need Democratic votes if Members of Congress vote along party lines.
Healthcare Reform – During tax reform markups, House Ways & Means Chairman Brady (R-TX) told media that ‘rescinding the individual mandate isn’t off the table’ as an amendment to the tax reform package. Additionally, Senate Minority Leader Chuck Schumer (D-NY) announced that the bipartisan health care proposal from HELP Committee Chairman Alexander (R-TN) and Ranking Member Patty Murray (D-WA) has the support of 48 Democrats and 12 committed Republicans.
Proposed language would give subsidy authorizations to individual states to manage market plans. However, President Trump has not said definitively whether he would support the bipartisan language, so Majority Leader McConnell has said he will not bring healthcare language to the Senate floor for consideration until the President takes an affirmative position. Talk among Congressional staffers is that any healthcare fix with momentum to move forward will be rolled into the upcoming Continuing Resolution (CR). The CR funds the federal government and must be passed by December 8, 2017.
Tax Reform – The House has completed roughly two weeks of sales pitches and work amending language, while the Senate unveiled a competing tax plan yesterday. The House Ways & Means Committee dedicated three days to “marking up” language and leadership has said amendments will only be accepted in committee. The House is expected to vote on passage by Thanksgivings recess (which begins Nov. 17), while the Senate is expected to begin mark-ups as early as next week.
It is worth noting that while the Senate’s GOP can have two dissenting Republican votes, there is a growing list of roughly eight possible “no” votes among Republicans.
Want to know more about the Tax Cuts & Jobs Act, a.k.a. tax reform? Just read on!
Significant changes are being made to draft tax reform language each day, but below are some resources from the House Ways & Means Committee, the Senate Finance Committee’s proposed language, plus basics of the nearly 1,000-page House package:
- Would reduce tax brackets from current 7 to 4, with top rate still at 39.6%;
- 35% bracket begins at $260k for married couples, 25% for married & $90k;
- Still allows a State & Local Tax (SALT) deduction of $10k for property taxes;
- New limits on popular mortgage interest deduction (caps at first $500k, down from $1M & eliminates vacation home deduction);
- Contentious 401(k) proposal dropped as it would have curbed current tax-advantaged treatment of 401(k) retirement plans;
- Changes made to dependent & Child Tax Credits: Child now at $1,600 instead of $1k; adds new adult dependent credit at $300 + “family flexibility credit” of $300
- Estate Tax: Would double threshold to $10M before taxes kicks in, before eventually eliminating estate tax down the road
- Doubles standard deduction to $12k for singles, $24K married filers
- Large companies: Lowers rate from 35% to 20% for 2018, but adds new limits on interest deductions for loans, & creates new global minimum tax
- New pass-through rate is exceedingly complicated & may be among most contentious provisions to resolve … Reduces rates to 25% for most, but 30% for others. Targeted by Members of Congress for preventing wealthy individuals from abusing pass-through provisions, creating what is a “white collar” list of company types targeted (i.e. lawyer, accountant, doctor, etc.). Expect to see significant changes to this section in coming days.
Other tax reform items of note:
- Capital gains taxes on home sales will now apply for longer timeframe
- Medical expense deduction set to be eliminated
- Eliminates adoption & student loan interest deductions …
- UPDATED: Only some private universities will face 1.4% tax on investment of endowments, but expect to see this change again
- Eliminates Work Opportunity Credit for veterans, as well as credit designed to encourage development in poor areas
- Foreign & inverted companies selling products back to U.S. would face higher taxes
- Allowable charitable deductions to be reduced
- Would no longer be able to use tax-exempt bonds to build sports stadiums
- Does maintain R&D tax credit, as well as low-income housing tax credit
- Repeals electric vehicle credit, & allows wind credit to expire in 2020, solar to expire in 2022
- And … politically notable: Allows tax-exempt organizations to hold opinions on politics without losing tax-exempt status