Opinion

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The Business Times Contributors THE BUSINESS TIMES august 26-sePtember 15, 2021JANUARY 15-28, 2015 Opinion Opinion Business BriefsA new year affords Business Peoplea new opportunity to meet local needs Almanac

A new year almost always brings an opportunity for a fresh start and renewed ambition to do things better.

In business, that usually boils down to providing customers better products and services faster and at lower cost than competitors. Part of the process must include listening to customers to determine what they actually need and then meeting that need. After all, it does little good to offer the latest and greatest if nobody actually wants what you’re selling.

Just like the businesses that belong to the group, the Grand Junction Area Chamber of Commerce invariably starts out the new year with a reassessment of the services and resources it provides and how well they match with members needs. Jeff Franklin, the new chairman of the chamber board of directors, personifies this approach in describing what he considers his role for the coming year: listen to members, determine their needs and then meet those needs. It’s a role with which Franklin is familiar as market president of Bank of Colorado.

The process will take on a more structured approach in what the chamber plans as the resumption of a program aptly called Listening to Business. Under the program, business owners participate in in-depth interviews to identify barriers to growth and other problems they encounter.

The new year offers a good time to join the proverbial club.

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The Grand Valley Business Times, a subsidiary of Hall Media Group LLC, is published twice monthly and distributed throughout Grand Junction, Fruita and Palisade. Advertising rates and deadlines are available upon request. Opinions expressed in this publication are those of the writers and do not necessarily reflect the views of the publisher, editor, staff or advertisers.

Copyright © 2015 — All rights reserved.

It’s that time of year when resolutions and prognostications abound. My favorite saying applied to New Year’s resolutions is in saying they’re basically a bunch of promises to break the first week of January. And while I won’t predict a whole lot, I can pretty much accurately nail a few things that without question will make the news. You will see these are pretty, well, predictable: ■ Prediction one: There will be some sort of weather event, natural disaster or heinous occurrence where someone will be interviewed and say the following: “I’ve never seen anything like that in my lifetime.” It’s as if this person is a required attendee at every news reporting event. While I understand most people’s perspective can indeed be limited by, or contained within, their own personal experiences, it is too much to ask to consult some historical perspective before saying such a thing? Yes, this response can apply to some events. But when it comes to weather and natural disasters, I’m pretty sure this is simply history repeating itself. Same as it has for millions and millions of years. More important, the planet made it! What didn’t were certain species. How’s that for perspective? ■ Prediction two: When it comes to a crime or something that occurs between humans, the other required attendee at all news reporting events is the person who says this: “They we’re just the nicest people, and in no way did I see something like this coming.” Exactly. No one does most of the time when it comes to neighbors and acquaintances. People should be surprised at what goes on from time to time in their neighborhoods, towns and with people they know because people are good. And for the times that they shouldn’t be shocked — like with politicians, repeat offenders and terrorists — where’s the interview that says, “This doesn’t surprise me in the least.” ■ Prediction three: Something good will happen economically, and the government will take credit for it. The most recent example is gas prices, where people ask me why I won’t credit the president for low gas prices. My answer is simple: Government never makes the price of something go down and simply takes credit for good news. Gas pricing is subject to many global factors. Now there are government answers to addressing some of them to keep prices stable for Americans, but our government has none of them in place. The only things it has in place in the

Bold predictions for 2015 more like not-so-bold repeats long run always hurt consumers. Another fact is that unemployment reaches a certain level based on the economy. And while the government might brag the number is low, it’s more than likely the government did something to cause that number being low — and not in a good way. Conversely, when business picks up, it’s because the people who need to buy widgets who were not buying widgets because the economy was contracting due to natural (or unnatural, government caused) reasons, decided we better buy some widgets. The government had nothing to do with this. ■ Prediction four: In keeping with things the government does, I predict the government will manipulate the numbers to make the claim the economy is getting better because of how hard it is working to help all of us “working Americans.” Now Craig Hall you might say, “Craig, you always say this about President Obama because you don’t like him.” You’re right in a sense. I don’t know the man, but what I know of him and his thinking, I don’t like it or him one iota. Before you go off, however, I didn’t like President Bush and his bailouts, stimulus and his abandoning the free market to save the free market. And I don’t know him either. What the government does, and the only thing it can do, is hurt the economy. Unless it does nothing or put criminals in jail instead of partnering with them, nothing the government does will help. Always look at it this way, whatever the government says it is doing, whatever the name of the law it is passing, or whatever the name or goal of the bureaucracy it is presenting to the people, expect the polar opposite to occur. I guess what I’m saying is that perhaps it’s time to get out of our own perspective. There’s plenty of history books and historical research out there to begin to understand that all of this has happened before. And it will again, whether the topic is people or government. The best recommendation is to find some books or try that whole Google thing. There’s a lot of information on the Great Depression. The truth is it wasn’t even a good one until the government got involved. There’s also plenty of research on the medieval warm period when the planet was much warmer than today with a whole lot less people (and warmer well before man was here at all). And yep, people have been killing other surprised people since history was first written. Maybe some research will help stop all of these trends. Otherwise, we’ll be saying we’ve never seen anything like it in our lives. And not in a good way. Craig Hall is owner and publisher of the Business Times. Reach him at 424-5133 Copyright © 2021 — All rights reserved. F or publisher@thebusinesstimes.com. ✦

And at the rate we’re eliminating choices for free peoples, free to choose might become a worthless talking point from the almost worthless talking point it is today. And just who’s at the forefront of this phenomena? The usual suspect: our government.

Let’s begin with the Mesa County School District 51 Board of Education. The obvious way one could dismiss their take on “choice” is to simply say its school of choice policy isn’t really school of choice since the only choices they allow are schools in the district. Even if you choose a charter school, it’s still governed by District 51. But charter schools only stay in operation as long as the elites in charge of the public school system allow it. Charters are meant to be revoked. It’s how government works. Ask anyone who’s ever had a contract with the government. They’re just words.

Forgive me if I don’t believe our local school board and administration when they say we have freedom to choose to wear a mask or not. First, it’s simply an allowance to keep them from being harassed (deservedly) about district policies. Every word in the board policies is purposed toward making kids wear masks. We have masks mandated in some of the “pods” already and we’re barely two weeks into the new school year. Visitors must wear masks. Kids are already being made to stay home and quarantine, putting them even further behind than the insane policies of the past two years have done.

Did you know any of that? Probably not. Because if the board told us what they were doing with appropriate communication and outreach, the majority would never accept it. What do you know? The small percentage of belligerent parents who are disrupting meetings and all the good work the board and administration are trying to do. Then again, that work is also the best kept secret in Mesa County because it’s basically the tenets of BLM, Antifa, RAW and critical race theory — just not word for word so they have cover for what they’re doing in our schools.

Truth is, everything our D51 board of education and administration are doing is to remove choice from parents and kids. It’s a giant funnel that will only result in making “vaccinations” mandatory to have a job, attend school or participate in any way. It will happen sooner than later.

How about our Mesa County government? When it isn’t busy with another declaration the equivalent of Escaped Ferrets from Household Prison Month or on a listening tour, it’s basically acquiesced control to the health department. If you don’t believe me, try being a health

Success stories also instructional stories care worker who believes they have the Free to choose only works if you actually have a choice freedom to get a shot or be employed where

I love telling stories. I love even more telling success stories. The ones about they prefer. I don’t want to say collusion, but entrepreneurs whose confidence in their abilities to provide better products and I don’t know of another word that fits given services, their willingness to take risks and then put in a whole lot of work results the mandate of getting a “vaccine” to keep in financial and personal rewards. one’s job. Especially considering there’s Such stories offer not only compelling content for a nowhere else to get a job — which all began business journal, but also instructive content for readers who with a joint press conference of our hospitals include business owners and managers. There are lessons to and health department. be learned small and large, whether they’re about a particular And it will now spread across the production technique or marketing strategy or an entire industry, especially after the non-approval operational model or even industry sector. “approval” of the first shot by the FDA. I’ve I’m no expert. I have no management experience. I hold a never heard of a drug “approval” coming college degree in journalism, not business administration. with the caveat of “the hope of creating But I’ve gleaned some things over the more than 20 years more mandates” until this experiment. I’ve spent talking to entrepreneurs and writing stories about But that’s what will happen. You can Phil Castle their efforts. The most successful entrepreneurs act on their ideas. Craig Hall argue about how a private business can do whatever it wants. But let’s be honest, health They take risks, but do so in ways that take into account care is basically a quasi-government/private realistic assessments of their prospects and their markets. They seek out resources, business combination. Where do you think whether that’s other entrepreneurs who serve as mentors or organizations and health care providers get a huge percentage government agencies that provide assistance. They value employees and treat of money? Medicare and Medicaid. Don’t them like family members working toward goals that will benefit them all. think for a minute that wasn’t mentioned Invariably, successful entrepreneurs also give back to the communities in which when the industry was told to “consider” they live and do business. mandates.

I’ve been fortunate to meet and write about many entrepreneurs who’ve It simply had to be. Because without followed this pattern. More, in fact, than I could ever list. One comes to mind, it, there’s no reason for the mandate. though, as I complete an edition of the Business Times that includes a story about Have you seen any reports of outbreaks in Jerome Gonzales and J.G. Management Systems. hospitals or health care facilities — I mean,

I’ve followed the evolution of JGMS since shortly after Jerome started the since the ones Democrat governors created company in 2001. I’ve written stories about the inclusion of JGMS in the Inc. that killed untold thousands? Are any super magazine listings of the fastest-growing companies in the United States and the spreader events tied to them? Are medical numerous accolades Jerome and JGMS have received over the years. I checked facilities even specifically tracked on the in with Jerome when JGMS marked 10 years in business and then again when the county website? One would think yes, but company passed the 20-year milestone. they aren’t. And to think all of their great

Every entrepreneur and every business is unique. But the story about Jerome track records were accomplished with the and JGMS touches on those similarities I’ve written about with other successful help of unvaccinated workers. operations. The commitment to customer service and delivering on promises. That’s not even getting to the obvious A culture that values employees as part of a workplace family. And a commitment point of health care workers not wanting to giving back and supporting community efforts. Jerome measures success in terms the shot. Yet, the government is advocating of not only doing well, but also doing good. firing and keeping people from working in

I can only hope as editor of a business journal, people enjoy reading my stories health care — a field woefully understaffed, as much as I enjoy telling them. But those stories also constitute news they can use. according to all recent accounts.

I love telling stories. Especially success stories. So often, they’re instrutional Sadly, the main factor behind all these stories. mandates is government force. How long will it be before that same force will have doctors Phil Castle is editor of the Business Times. Reach him at phil@thebusinesstimes.com saying they won’t treat the unvaccinated? or 424-5133. How long before hospitals say they won’t F treat the unvaccinated? How about no school participation without the shot? I have friends who believe that’s how it should be. And no one loves forcing those beliefs like politicians and bureaucrats. It’s job security and votes. I’d have no problem with these entities destroying their businesses if folks had other places to go for services. But monopolies don’t work that way. This will result in the biggest government-backed discrimination since Jim Crow. I expect to be a victim at some point. As should you. To tyrants, freedom is just another victim of COVID. Craig Hall is owner and publisher of the Business Times. Reach him at 424-5133 or publisher@thebusinesstimes.com.

Taxing matters threaten small business owners

In my economics career, I have long argued the capital gains tax constitutes one of the most destructive levies government can impose. Indeed, it might be the most damaging tax. Why? The capital gains tax is a direct tax on the returns on entrepreneurship and private investment. That is, the capital gains tax reduces the potential returns on and incentives for starting, building and investing in businesses, which are endeavors fraught with risk and uncertainty. At the same time, entrepreneurship and private investment serve as driving forces behind innovation and economic, income and employment growth. Therefore, capital gains taxes rank as highly destructive levies.

Nonetheless, an economy that continues to struggle to recover from a pandemic now faces plans for substantial increases in the federal capital gains tax. Specifically, President Joe Biden has called for increasing the capital gains tax from 20 percent plus the 3.8 percent Obama Medicare tax for a total of 23.8 percent to an increased top personal income tax rate of 43.4 percent on gains worth more than $1 million.

In addition, Biden and various members of Congress via the so-called Sensible Taxation and Equity Promotion (STEP) Act would eliminate the steppedup basis for assets transferred at death. Tax law has long allowed for a steppedup basis for assets transferred at death so they’re not hit by the capital gains tax and the estate tax.

The stepped-up basis means the capital gains basis for an inherited asset is stepped up to the fair market value at the time of the original owner’s death. Therefore, when an heir eventually sells the asset in the future, the capital gains tax would apply to the gain in value since, or after, the bequeathal. But the STEP Act would mean that a person inheriting an asset would be taxed on the asset’s appreciation before they took ownership or control. It would be a retroactive capital gains tax. And, of course, total assets inherited would be subject to the estate tax.

Small business owners have firsthand knowledge of how detrimental such tax increases can be. That was made clear in a new survey of small business owners conducted by the Small Business & Entrepreneurship. Consider just a few results as they pertain directly to these plans to raise capital gains taxes: n 59 percent of small business owners oppose a near doubling of the capital gains tax from 23.8 percent to 43.4 percent.

n 70 percent oppose beneficiaries having to pay for capital gains that Raymond Keating occurred prior to inheriting an asset. n 63 percent believe increasing the capital gains tax and eliminating the stepped-up basis would disproportionately hurt small businesses. n 78 percent of small business owners believe retroactive capital gains taxes on assets passed on to beneficiaries following a business owner’s death will have crippling consequences for small businesses as well as their employees and the communities they call home. About half of respondents believe having to pay retroactive capital gains taxes of 43.4 percent on the accumulated value of assets would hurt the ability of family members or heirs to: n Keep existing employees (47 percent). n Financially support their own families (48 percent). n Support local charitable organizations (49 percent). n Carry on the family business (50 percent). n Make capital investments in their business (51 percent). Interestingly, 48 percent of respondents said it would hurt their ability to pay federal or state taxes. The list of negatives is lengthy among small business owners when it comes to plans to raise the capital gains tax and eliminate the step-up basis at death. Small business owners understand these tax increases will mean fewer resources and reduced incentives for investing in the businesses that drive economic, income and employment growth. President Biden and Congress should step back from such counterproductive tax increases and instead start looking at policies that would help entrepreneurship and growth, such as reducing the capital gains tax rate and indexing capital gains for inflation.

The capital gains tax reduces the potential returns on and incentives for starting, building and investing in businesses, which are endeavors fraught with risk and uncertainty.

Raymond Keating is chief economist for the Small Business & Entrepreneurship Council. The nonpartisan, nonprofit, advocacy, education and research organization works to protect small business and promote entrepreneurship. For additional information, log on to the website at www.sbecouncil.org. F