Posted on 06/18/2024 10:33:08 AM PDT by aimhigh
Oregon voters will likely decide in November whether to establish a historic universal basic income program that would give every state resident roughly $750 annually from increased corporate taxes.
The proposal, Initiative Petition 17, would establish a 3% tax on corporations’ sales in Oregon above $25 million and distribute that money equally among Oregonians of all ages. As of Friday, its backers had turned in more than 135,000 signatures, which is higher than the 117,173 required to land on the ballot.
(Excerpt) Read more at oregonlive.com ...
Oregon has no sales tax. This is a direct tax on businesses. It's up to each business to figure out how they will pay for it.
If it passes, I predict a number of corporations leaving.
https://www.goodreads.com/author/quotes/465.Alexis_de_Tocqueville
“The American Republic will endure until the day Congress discovers that it can bribe the public with the public’s money.”
― Alexis de Tocqueville
Gonna be sweet when those $750 checks dry up because all the companies have left the State of Oregon.
Since most grocery stores run sub-3% margins, I suppose Oregonians are cool with not having any place to buy food...
Goodbye jobs...
After I typed my post I realized that this might be initiated by Oregon businessmen/legislators who want big boy corporations to move out or at least limit sales in Oregon. For example, if you own a small grocery chain in Oregon you might want larger grocery chains like Walmart and Kroger to limit sales in your state.
And when the corporations leave?
All it would take is Nike moving.
Gross receipts tax. What could possibly go wrong???
Mine did in 2022 and I relocated it to Montana. I’m happier every day just waking up and being far away from those Marxists running Portland and Salem.
“The United States shall guarantee to every state in this union a republican form of government”
Only elected legislators should get to craft the law.
Government expenditures should only be for fair compensation for:
1. services performed for government purposes,
2. purchases needed for government purposes,
3. wrongs done by the government.
No government should rob Peter via Walmart and Kroger to pay Paulina.
I think think of no better example of the “plunder” that Federic Bastiat wrote of in his classic “The Law”.
It’s not just food, it will be electricity, insurance, airfare, motor vehicles going up by 3%.
It will help San Francisco deal with its homeless problem for part of the year.
Abbott Bus Lines
Service from El Paso to Northern California coming soon
Is the $750 subject to Federal Income Tax?
If a single mother has four kids, that’s $3750 more per year. Does that affect the income limit for anything else she’s eligible for?
“They clearly aren’t the small business LLC single owner corporations.”
Check future bills from Sysco, the large restaurant supply company.
Hope your rental apartment is not owned by a REIT.
$150 billion. The GDP of Oregon is about $300 billion, so it's plausible. But I think your point is correct that it will eliminate profits and corporations will simply stop selling.
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