Posted on 05/05/2017 2:27:39 PM PDT by Oldeconomybuyer
Oregon’s Democratic lawmakers came up with the most detailed plan yet on Thursday for fixing the state’s wobbly budget by tapping business coffers.
House Speaker Tina Kotek would place a 0.95 percent tax on annual business sales in excess of $5 million. About 5,000 businesses would pay the new tax.
The Democrats’ gross receipts tax proposal would replace the existing corporate income tax, which produces about $1 billion in revenues a year. The new tax would take effect Jan. 1, 2018. Businesses with sales under the $5 million threshold would pay a flat $250 annual filing fee. Businesses with less than $150,000 in sales would pay nothing, according to the lawmakers.
Businesses can be expected to pass some of the costs onto consumers — research predicts about 42 percent of the cost — so the lawmakers are proposing certain provisions to protect low income and middle income Oregonians, including possibly reducing individual income tax rates, increasing the standard deduction, increasing the personal exemption credit or expanding the earned income tax credit.
Rep. Cliff Bentz, R-Ontario, a member of the tax reform committee, said he doesn’t see a justification for increasing business taxes given that voters so recently turned down a business tax proposal. Opponents, he predicted, would force the question onto next fall’s ballot, where it would fail again.
“Explain to us how we don’t charge up this hill for nothing,” Bentz said to Kotek.
“I always think it’s worth it charging up the hill for our kids,” she replied.
(Excerpt) Read more at kgw.com ...
- Ronald Reagan
This should help business :)
Are these people idiots? Of course, they will pass the cost on and not just some.
Ah. The old tried and failed playbook.
Bye bye Nike!
Sticking it to Intel and Nike.
Someone should point to the empty Textronix parking lot
I used to work for Tektronix in Atlanta, in 1980......................
Oregon ping
“Comrade, I’ve been fascinated by your five-year plan for the last fifteen years.” /Leon, from “Ninotchka”
Oregon also wants to reduce the mortgage deduction and Portland wants to introduce a soda tax.
Oregon; where we stick it to the business.
Oregon section of Connecticut?
New Connecticut?
Connecticut West?
West Connecticut?
Another Dead State.
That’s Oregon for ya. I lived there for 11 years and was glad to get the hell out. Pretty state, but f’d up by Portland and Eugene..
Who are the geniuses who say that only 42% of increased costs will be passed on to the consumers. It is always 100.
They must have degrees in economics. Only such people are stupid enough to believe such rot.
Not all of them. Some will leave the state and some will go out of business.
nope
What they would like to do, is jack up the taxes & costs of living so much, that a large portion of the population requires gubmint handouts/subsidies to live. If the welfare class isn't large enough to vote them in and not enough new mooches are born or imported, they must make their own, brand new dependants.
Poof! Welcome to the U.K. !
Why didn’t they just legalize pot.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.