AICPA Panel discussion… “What We Need to Do to Stimulate the Economy”

Sen. Bob Graham, D-FL, called for regulatory reform and said three issues should be considered: acting in a timely manner, creating simple and clear regulations and ensuring they are sustainable.

Traci Lynn, CEO of Traci Lynn Fashion Jewelry: “I believe the entrepreneurial spirit is alive and well.” She said so many people are “hungry to make a change,” to find an opportunity to help themselves. She says it’s an excellent time to start a business.

Neal Spencer, CEO of BKD LLP, said health care is one of the biggest industry sectors at his firm. Many clients are sitting on a lot of cash and want to make capital investments, but they don’t know where the economy is going, so the uncertainty is keeping them from spending money.

Question posed: If you had the power to do a few things to help the economy what would it be?

Sen. Bob Graham, D-FL: “I would simplify the tax code. I don’t think there’s an area that’s more complex and more consequential than the enormous complexity of our tax code.”

Traci Lynn, CEO Traci Lynn Fashion Jewelry: Make sure people get the best education they possibly can to give them the confidence to pursue their dreams. Also, she said business incubators can help people identify their entrepreneurial talents.

Neal Spencer, CEO of BKD LLP, said he would take a “hard look” at eliminating some regulations. “It’s causing a lot of pain with our clients today.” Some regulations make sense, “but we’re piling on, quite frankly.”

Timothy Christen, CEO of Baker Tilley Virchow Krause LLP: “Make it not be a crime to be successful.”