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Current Election Results
Congratulations to all the candidates that ran for office in Carefree and Cave Creek.
Here are the current election results from the Maricopa County Recorder (the official record).
Election Results
See Cave Creek Propositions
Urge Lawmakers to Take Action and Prevent Tax Increases
It has been nearly seven years since the historic Tax Cuts and Jobs Act (TCJA) was signed into law. The TCJA achieved a substantial modernization of the United States’ approach to taxing business income, particularly with respect to cross-border transactions. However, many of the TCJA’s tax reforms were enacted on a temporary basis and will expire at the end of 2025. Without congressional action, the expiration of these provisions will result in negative impacts to both individuals and businesses of all sizes.
What's at stake: Some of the major expiring tax provisions that Congress will have to address in 2025 include:
- Provisions governing the tax treatment of certain business expenses and investment costs;
- The 20% deduction for qualifying pass-through business income;
- Provisions to maintain a competitive international tax code;
- Estate and gift tax (death tax) relief;
- Lower individual income tax rates, the higher standard deduction, the expanded child credit, and the higher alternative minimum tax phaseout thresholds; and
- Expanded health insurance premium tax credits.
Why it matters: Taxpayers should prepare for everything to be on the table next year—including otherwise “permanent” provisions like the TCJA’s 21% corporate income tax rate or the Inflation Reduction Act’s energy tax credits. By the start of the next Congress, nearly 60% of House members and 20% of Senators will not have been in Congress when the TCJA was enacted.
Chambers Stance: The Chamber has signed the coalition letter calling on the next Congress and Administration to commit to pursuing a pro-growth agenda and acting to prevent any tax increases on American families and businesses
Arizona small businesses pay 69% over minimum wage, study finds
At the start of 2024, the minimum wage rose in 22 states. But Arizona small businesses pay well over the minimum wage, a study finds.
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Arizona Jobs and Labor Force Update: July 2024
Arizona shed 1,900 nonfarm jobs in June (-0.06%) – putting Arizona near the bottom (41st) among all states in monthly job growth. In addition, the May job growth numbers were revised downward from +4,400 nonfarm jobs to +2,100. For perspective, the total U.S. job growth rate in June was 0.13%; sixteen states including Arizona reported job losses. As a result, year-over-year job growth slowed from 2.3% to 1.9%.
Along with overall job growth figures, Arizona’s manufacturing employment fell by 300 jobs (-0.2%) between May and June. Twenty-four states experienced job losses in their manufacturing sectors in the last year, with twenty-nine experiencing monthly losses in June alone.
Despite the job losses, Arizona’s unemployment rate decreased to 3.3% from 3.4% while its labor force participation rates remained unchanged from its May level of 62.2% (unchanged since December of 2023). On a national level, the unemployment rate increased a tenth of a percentage point to 4.1%, and the labor force participation rate increased to 62.6% from 62.5% in May. For context, the Arizona and United States participation rates were 62.2% and 63.3% at the end of 2019, respectively.
While the month-over-month employment losses for Arizona put it near the bottom of all states, its year-over-year growth rate (+1.9%) was the 13th fastest out of all U.S. states and Washington DC. Arizona has added 60,400 jobs since June 2023.
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Each Dollar Invested in Preparedness Saves $13 When Disaster Strikes
The U.S. experiences a multitude of disasters each year. The cost of cleaning up and rebuilding destroyed homes, businesses, equipment, and infrastructure is immense and growing. In 2022 alone, the cost of natural disasters exceeded $360 billion across the globe, including more than 40 weather events causing over $1 billion in damage.
Investments in resilience and preparedness can reduce the cost of damage after a disaster. An accepted ratio is that $1 of investment reduces the damage and cleanup costs of a disaster by $6. What is less known—and what this study set out to find—is how investments in resilience and preparedness impact a community’s local economy, including jobs, workforce participation, production (GDP), and earned income for residents.
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What you need to know about ban on non-compete clauses
The security of many employers was shaken to the core earlier this year when the Federal Trade Commission announced a ban on the use of non-compete clauses in employee contracts.
These contracts have been in existence and used for decades to ensure that an employee will not use information learned or developed at their current company to either start their own business or take secrets to a competitor once they leave. But on April 23, the Federal Trade Commission banned these agreements.
According to the FTC, “this will ensure Americans have the freedom to pursue a new job, start a new business, or bring a new idea to market.”
What does the ruling mean for Arizona businesses? According to Haley A. Harrigan, shareholder of Gallagher & Kennedy. “After the effective date, September 4, businesses will not be able to enter into any non-compete agreements with their staff, whether they be employees, independent contractors, interns, or volunteers and that is subject to only a few exceptions. It is essentially a blanket ban on non-compete agreements nationwide.”
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SMALL BUSINESS OUTLOOK
62% Share of small businesses who expect revenue to grow in the next year. Up four points since May.
49% Share of small businesses who expect profits to increase in the next year. Up four points since May.
Source: WSJ/Vistage Small Business CEO Confidence Index
July Economic Conditions Slide Deck
Please click here to view a new economic conditions slide deck from the U.S. Chamber of Commerce Economic Policy Division. This deck has been updated with the latest inflation numbers.
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