If you are business owner or a wealthy person Salem is coming for you. The Oregon State Legislature has crafted two major tax initiatives which will increase personal income tax . The other bill will increase business taxes .
The bills written to capture the mood against the big business which in many minds the have paid their fair share.
On the flip side, the measure may also capture opposite mood of no more tax and spend policies from the State legislature. Public service employees who big benefits and seen very little job cut vs industry where the state unemployment rate at 11%.
Measure 66 will increase personal taxes for the most wealthy Oregonians 2 percent Measure 67 will increase business taxes from $ 10 to $150.
Politicians need to raise to $733 million to cover a short fall.
Supporters include public sector union, teachers and charities to protect poor and underprivileged and protect schools from budget cuts.
On the no side is Business leaders including Nike, Inc. Founder and Chairman Phil Knight call the measures “Oregon’s Assisted Suicide Law II” which would kill business in Oregon.
Supporter of Measure 67 say the bill is needed because in 2003 voters rejected an across the board tax increase which would protect funding in downtime. Because of this Oregon Public Schools ended the school year a month early.
Another reason for the increase the incorporation tax has remained at $10 since it’s start in 1931. Many large corporations have not paid any significant taxes to the state treasury.
Families in Oregon have paid $3100 in taxes versus $10 for corporations. ” That’s more than 300 corporations combined!”
Opponents who call themselves Oregonians Against Job-Killing Taxes say Measure 67″suffering, profitless businesses” with new taxes of “up to $100,000” a year, and may kill up 70,000 jobs. The bill will increase taxes on the gross receipts that don’t see a profit. A few business will see $100,000 tax on their revenue. Oregon Legislative Revenue Office says only 97% of business will only pay the 100,000 tax.
One supporter of the bill former Oregon Senate candidate Steve Novick at a recent debate Mittleman Jewish Community center points of Proctor and Gamble (P&G) is one of many out-of-state business that pay $10 tax. But a spokesperson from P&G told the Wall Street Journal that not correct. P&G pays a corporate tax rate at 6.6% Only business that don’t show a profit will pay the $10 tax.
Wall State Journal as more.