STATE FOCUS | MINNESOTA At the state level, there is a widespread belief
that taxes are too high, particularly for the small companies that are the drivers of the state’s economy. The state’s GDP and job growth rates are slower than in previous decades and lag behind the national average, so although Minnesota has a highly developed economy, it must use some tax and regulatory levers to ensure it sustains sufficient levels of growth over the long term. This is particularly important when viewed against the backdrop of an ageing population and a slowing birth rate, which means fewer people are coming into the workforce and businesses will increasingly find it hard to recruit the number of people they need to expand. “To attract and maintain the size of the
Oz Lifting has expanded from a family business to a global distributor.
One source reports that “at a federal level, the tariffs are killing us,” referring specifically to the blanket 55% tariff imposed on China by the Trump administration in the summer, and the ultimatum that the rate could increase to 100% by November. “Competitors in Japan or Taiwan don’t have to deal with that, and it has probably cost me millions of dollars already,” adds our source.
Since then, China and the US have struck a deal that will suspend the global implementation of expansive new export controls on rare earths and related measures announced in October, and the US will lower tariffs on Chinese imports by 10%. Nevertheless, the spectre of a trade war is never far away, in an unprecedentedly volatile and unpredictable geopolitical environment.
workforce, free up investment and improve the business climate, the costs of doing business here – including the tax rate – need to change,” O’Neil believes. “Tax can be changed by the local state legislature, but other cost factors like industrial electricity prices, health insurance premiums for employees and other significant business and supply chain costs need to change.” “We have done a lot of work on regulatory
complexity, including environmental permitting,” he adds. “The state has high environmental and emissions standards, and we are not looking to
OZ Lifting recently held its grand opening for a new facility in Winona, Minnesota, enabling innovation and expansion.
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