CFOs speak out on economy, health care, wages, and benefits
by AccountingWEB on
In a national biannual survey of U.S. Chief Financial Officers (CFOs) and senior comptrollers conducted by Grant Thornton LLP, 54% of respondents say the best way to reduce the U.S. federal deficit is to reduce spending. Thirty-five percent say that there should be roughly equal measures of reduced spending and increased taxes.
With regard to the newly enacted national health care law, 49% said it will increase the pricing of their goods, 40% said it will decrease their company's growth, and 37% said it will decrease their hiring.
The top three areas of concern in terms of pricing pressure are employee benefits (75%), raw materials (47%, up from 27% six months earlier), and energy (45%, up from 21% six months earlier).
Other survey statistics include:
- 51% would not support a VAT tax, even if it directly reduced personal income tax rates
- 58% said health care reform will have no impact on hiring
- 50% said health care reform will have no impact on company growth
- 49% said health care reform will increase pricing
- 30% anticipate giving salary increases, up from 22% six months ago
- 11% expect to increase the company 405(k) match, up from 5% six months ago
- 26% expect to decrease health care benefits, down from 30% six months ago
Grant Thornton conducted the biannual national random online survey from March 22 through April 6, 2011, with 318 U.S. CFOs and senior comptrollers participating.
You may like these other stories...
The IRS has announced the special per diem rates for 2014-15 that taxpayers can use for substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home. The new per diem rates...
The issue of international assignees was, for a long time, limited to a small number of companies – meaning only those that operated on an international scale. But in recent years, global expansion has shifted into...
Exclusive: Lois Lerner breaks silenceIn her first press interview since the IRS Tea Party targeting scandal broke 16 months ago, ex-agency official Lois Lerner told Politico that employers won’t hire her, she’s...
Upcoming CPE Webinars
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience's communication style.
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.