a Sift Media publication
Over 23,000 pages of accounting passion and insight!   |   Sift Media logo

CFOs speak out on economy, health care, wages, and benefits

Posted by AccountingWEB in CFO, Tax, Income Tax, Sales & Use Tax, Human Resources on 05/12/2011 - 10:41
CfoFinancialChart.homepage.jpg
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.
  • 2850 reads


Tags:   
Welcome Visitor!
Sign up for the Weekly Insight newsletter to stay informed of future content in this category.
Email:
Already have an account? Sign in:
Forgotten your password?
Join us FB Connect with us LI Follow us
Voice of the Editor
There are upsides and downsides to attending accounting conferences. One upside is the opportunity to immerse yourself in education and learn about the latest trends and tools that can help you in your profession. Another benefit is the chance to fulfil your requirement for annual CPE credits, and yet another is to interact with peers and find out how others in your profession do their jobs and relate to their clients. There are downsides as well.
Read more >>

Gail Perry, CPA
Editor-in-Chief, AccountingWEB
editor@accountingweb.com
Related Content
Nurses Rally for a New Wall Street Tax
Facebook's Saverin: Senators Propose Crackdown on 'Friends with Tax Benefits'
Summer Rental Season Kicks Off - Extra Tax Points for Owners
IRS Issues an Apology to Dionne Warwick after a Tax Blunder in 2009
Nine Alabama Family Members Indicted for Identity Theft and Tax Fraud