Revenue and volume have returned to pre-recession levels, driven by an improving economy, consumer confidence and product innovation, the council said in its annual industry review for Wall Street analysts.
“These results show that the hospitality industry is helping drive the national recovery and job creation, but it remains critical that legislators don’t derail future economic growth through higher taxes,” said Cressy.
In case you missed it, President Obama’s campaign to raise tax rates on the rich gained an interesting ally a few days ago – Ben Stein.
In an interview on CNN, the economist/ actor said he rarely agrees with the president’s policies, but raising taxes on millionaires is “totally fair and abosolutely necessary” to save the economy. In his State of the Union speech last week, Obama said millionaires should pay at least a 30 percent rate.
It’s fantasy to believe that the economy will fully recover without raising takes on the uber rich, Stein said.
The Tennessee campaign to end the unfair tax advantage online only retailers have over bricks and mortar stores is flexing its muscle.
On Thursday, the merchants group Alliance for Main Street Fairness held a coordinated media event in six cities – Knoxville, Memphis, Nashville, Chattanooga, Oak Ridge and Johnson City – to discuss strategy and show off its political support.
The event featured telephone calls from Gov. Bill Haslam and Sen. Lamar Alexander. Haslam supports a national solution to the sales tax question and Alexander is co-sponsor of a Senate bill that would end online retailers unfair advantage.
Tennessee is the 14th best state for taxes on business, according to the Tax Foundation’s look at state tax policies.
The 2012 State Business Tax Climate Index released Wednesday compares states on five different categories – major business taxes, individual income taxes, sales taxes, unemployment insurance taxes and property taxes.
Not surprisingly, Tennessee’s ranks highest – 8th – in the income tax category and worst – 43rd – in the sales tax category. Tennessee does not tax individual wages or salaries. However, Tennessee’s combined state and local sales tax is the nation’s highest at 9.4 percent, the report says.
Comparing state business tax policy is important because a state’s biggest competition for new businesses comes from other states and not the threat of losing jobs to other countries, the report says.
Media company E.W. Scripps, parent of the News Sentinel, said it expects to see a sharp increase in TV revenue this year, while newspaper revenue should fall slightly.
Television revenue should jump 50 percent in 2012, due in part to increased political advertising and the recent acquisition of nine TV stations from McGraw-Hill Broadcasting Co., Cincinnati-based Scripps said in prepared remarks at the Noble Financial Equity Conference.
The Super Bowl is two and a half weeks away, but we already know who big winner will be – broadcaster NBC Universal.
Last year’s Super Bowl had record viewership and brought in $228 million in advertising for Fox.
“It’s likely this year’s audience will be of a comparable size, adding to the cumulative $1.72 billion that advertisers have spent on Super Bowls over the past 10 years,” according to report on MarketWatch.
Many advertisers are being tight with their money these days, but the Super Bowl continues to attract big money.