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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 ...
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If it was “for the children” they would be deporting illegals because of the rapes and molestations of children by illegals.
Or the children killed by drunk driving illegals.
Or the drugs sold to children by illegals.
I’m guessing it really isn’t for the children after all.
They did
And not be able to arrest all those people ? Never
If they simply broaden the existing tax base by making more of their taxes lower but universal, with no/fewer exemptions, deductions, exclusions or credits, and no tax targeted in any special non-universal way. More people would pay taxes, some would pay more, most would pay less, and they’d still raise enough revenue.
Tina Kotex is a lesbian who has no kids, but she is happy to tell you what is best for yours.
She also thinks that the solution to a scarcity of housing in Oregon is rent control.
They are getting rid of the business income tax and replacing it with a sales tax, while it seems twice as high. That can be lowered rather easier where as the income tax is hard to get rid of and offen imposes other costs for which there is no recovery of assets by anyone.
That's a tax on gross revenue, not income.
Mostly haven't they shrunk because of competition and changes in the market, not moving to another state. Or have they? They still list this as their "regional headquarters" on their website:
14150 SW Karl Braun Drive
P.O. Box 500
Beaverton, OR 97077
United States
Coincidentally, Oregon business owners are now googling How To Move Your Business Out Of Oregon.
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