Posted on 05/23/2016 7:40:16 PM PDT by Olog-hai
A massive $2.8 billion annual corporate tax hike is likely headed to Oregon voters in November, a move that could create the most aggressive tax climate for big business of any state in the nation.
The ballot proposal comes as raising taxes on the wealthy and large corporations is at the forefront of a national debate especially among Democratic progressives such as Bernie Sanders and much of Oregons electorate about how to close the gaping economic disparities between rich and poor in a post-Great Recession era.
The proposals labor-union backers are just one step from getting the measure on the ballot after submitting 130,000 signatures to state elections officials last week. They say it would tap a tiny portion of Oregon businesses while bringing a huge boost to cash-strapped public education, health care and senior services.
But a long-awaited state analysis, released Monday, found the proposed tax hike would come with major pitfalls for wages, jobs and consumers pocketbooks.
(Excerpt) Read more at hosted.ap.org ...
Yuppo!
Every tax lands squarely at the feet of the taxpayers.
And it’s the middle-class that gets hurt the most!
Corporations don’t pay the corporate taxes.... but those taxes do make it hard for US companies to compete with products from places with little or no corporate taxes.
The corporate tax rate should be zero!
The capital-gains tax rate should be zero!
The estate tax rate should be zero!
Doubling down on failed policies. “Progressives” never learn and never apologize for their screw-ups. This should put Oregon’s unemployment into double digits.
Say goodbye Nike.
Say goodbye Oregon having a cash cow of an unlimited philanthropic alumni.
Ooops, maybe Phil Knight just doesn’t care.
INTEL is huge for the Portland economy, if they pulled out, it would be lights out in Portlandia.
... Yeah ... Damn those evil wicked mean and Nasty Corporations ...... Who need any jobs when you can get all of that FREE Government Stuff .... That relies on people having jobs to pay for all of that stuff? Yeah who need jobs?
They will most certainly leave.
Or, put an office in Reno and take the US income there. Many have done that with a one man office.
California, Oregon, and Washington will economically fall into the sea.
Uh, no.
Intel HQ and two biggest facilities are in California.
Most manufacturing is done outside the country. There are small manufacturing operations scattered round the country.
People think short-term (take the money from faceless companies instead of from their paychecks) without realizing the end result will be similar, but with another twist: There won’t be many paychecks left.
Idiots. The fact that 51% of the people are taking gov't transfers in one form or another kills the incentive for some. The more who fall into the gov't dependency trap, the greater this gap will get and the more the politicians will say it's cause for more income redistribution.
Governor Celeste of Ohio passed a tax during the corporate exodus from the pro-union northern states to the South. To staunch the flow, he passed an "exit tax", where companies that closed their doors had to leave 6 months wages so the state could "retrain" those left behind. A few months later he was scratching his head wondering why there were no new companies forming businesses in OH. It looks like these clowns in OR are about to learn the same lesson.
that article was surprisingly truthful. rare for the press to admit taxes are harmful. they may of sugar coated it a bit though
Oreganos,
Say goodbye to those corporations. You hated them. You plan to punish them. You will.
But as they go, the jobs also go.
Stay weird.
“What other corporations might move?”
All corporations might move, incl. hotels, restaurants, taverns, especially any company that is employee heavy. Now that $15 per hour is coming, businesses are going.
Oh, wait...
FedEx has a large facility in Umatilla west of Pendleton. And I believe that Les Schwab tires have their headquarters in Prineville. So it’s not only Portlandia.
This is especially bad news for anyone who wanted to market craft beers to spotted owls.
My Wife’s Brother just moved there from Southern California.
They ended up in a bidding war when they bought a house. They ended paying $10,000 over the List Price.
Lots of new money coming in, but the local Economy is stagnant at best. I’m sure this new Tax will help. LOL
Corporate tax rate for relocated companies 0%.
Wonder where Nike will relocate to?
I stand corrected. My son in law works in Arizona and helps to establish “clean” rooms around the world.
I suspect Phil Knight is a lefty, but so much so to take the hit Nike will by staying in Beverton OR? Time will tell.
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