By Prof. John DeSpagna
Campus News
Each semester, the Accounting and Business Administration Department at Nassau Community College sponsors a, “Business in America Day.” The day offers a different forum in which students can learn about some of the most pertinent topics in business today. The three sessions on October 29 were presented by faculty members who share their decades of experience and expertise with our students.
Pictured: Professors Michael Taunton, Steven Levine, Ifeanyi Madu, Constance Egelman, John Naclerio and John DeSpagna.
The day began with the first session on the topic of, “How Do I Figure Out My Career?” This was presented by Professor Constance Egelman from the Career Center. Professor Egelman mentioned to pick a career that you enjoy and will like. Look at what subjects you like and what motivates you. Students can also visit the Career Center at their college to learn about careers and speak to an advisor. The Myers-Briggs Indicator Test can also be taken by students to help select a career according to test results. (I took this test in college and it listed teaching as a potential career path for me and it was right).
Students can also utilize their college Career Resources Network and attend events set up with speakers discussing different career options. Take the time to invest in your career as it is the best investment you can make.
Professor Steven Levine continued the session on careers by discussing the importance of internships. “Put your foot in the water and experience what business is like.” An internship will give you valuable experience and help you network your way into a job. When you go on interviews, many employers will ask you about what internship you participated in. This looks good on a resume and an employer sees that you took the time to learn about a business.
Professor Levine also mentioned how many students utilized an internship to secure a job. Sometimes you can obtain a paid internship and end up receiving tuition assistance if you are hired.
The next session covered, “Taxes and the US Deficit.” Professor Michael Taunton spoke about how taxes influence how corporations operate. Corporations also look at the tax laws to try and minimize tax liabilities to enhance their return to stockholders.
The issue of overseas profits was addressed with applicable tax rates in various countries. US companies have cash overseas but if the tax rate to bring the money back to the US is too high, then the cash may stay overseas. The 2017 tax bill can help bring some of this cash back to the US at more favorable rates to help the US economy. The role of charitable contributions and how they can reduce tax liability for corporations was also discussed.
Professor John Naclerio then spoke about the growing US budget deficit. The US is spending more than we take in in tax revenues resulting in large budget deficits. The idea of closing corporate tax loopholes and increasing tax rates was mentioned.
A discussion then began on saving for retirement. The current US system allows for individuals to save for retirement with an IRA and a 401(k). Social Security may not be enough for you to live off of and you need to develop other strategies to save for retirement.
The final session for the day related to, “Are Tariffs Good for the United States?” This was presented by Professor Hussein Emin. Professor Emin led a lively discussion on the pros and cons of tariffs. Is the US developing the appropriate policy by raising tariffs on Chinese goods imported to the United States? We need to have fair trade with China and the US is the largest trading partner for China.
Over 200 students attended these sessions, and they presented different viewpoints for students to learn about current issues in business from several faculty members.
John DeSpagna is Chair of the Accounting and Business Administration Department at Nassau Community College in Garden City, N.Y.
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