Saturday, September 26, 2009

in this corner -- the Oregon Legislature
Their opponent -- the Oregon taxpayer
Who will win the battle for $733 million tax increase?

The statesman Journal

Opponents of the Oregon Legislature's plan for a $733 million tax increase on corporations and higher income individuals collected more than twice the 55,000 valid signatures needed to place the initiative on the statewide ballot.
let's see, they have collected more than twice the number of signatures necessary... that means that they will probably disallow about three quarters of them... well, it could still make the ballot.

Democratic legislative leaders said the two measures were crafted to target companies and individuals who can afford to pay the taxes. They said the personal income tax increase will affect the top 3% of earners.

The anti-tax coalition signature drive gathered more than $1 million in contributions from business groups, timber companies and others, including a network of hundreds of volunteers working around the state.

On the list of referendums to be overturned is the Legislature's $300 million year-round improvement program which would be funded with a six cent a gallon gasoline tax increase as well as higher fees for licenses, registrations, etc.

The other was aimed at blocking a combination of tax increases on hospital and health insurance premiums in order to expand health coverage to an additional 80,000 uninsured children and 35,000 low income adults.
any economist worth their salt will tell you that you cannot tax your way out of a recession.

Especially, with Oregon holding its unemployment rate at 12.2% you would think that they would be doing more to stimulate the economy [and I don't mean adding more bike paths and bridges] instead of doing stupid stuff that actually harms the economy.

I can't believe that some idiot actually came up with the idea of adding a tax on hospitals and health insurance. I mean how stupid is that?

Let me spell it out... adding a tax on anything increases the price of that item. Now, with the increase in cost, even less people can now afford it. Adding a tax on hospitals, just meant that more people can not afford it. DUH!
So whoever the individual was they came up with that wonderful idea, would you please step to the back of the room.

Oregon for some dumb reason, just doesn't get it. However, fortunately, there are a few states in the union who do.

For example, Texas. With an unemployment rate of 7.5%, two points below the national average, large companies like Medtronic and Caterpillar are MOVING to Texas to take advantage of the state's "stable budget and low taxes."

Arizona -- Arizona Legislature is planning a vote on a referendum to reduce the state's corporate income tax from 6.97% to 4.86% in order to attract businesses to their state. Additionally, their proposal to cut all personal income tax rates by 6.6% and abolish a statewide tax on commercial and residential property. There is even a plan to reduce temporarily the states sales tax.

Maine -- Legislature and the governor enacted sweeping tax reform creating a law to remove the states graduated income tax structure with the top rate of 8.5% and replaces it with a simple flat 6.5% tax.

Now if you are a large corporation thinking about moving or relocating, where would you go?

If it was me, the first thing that I would be looking at is how the states are handling this economic crisis and unfortunately in my opinion Oregon would be scratched off my list.

However, we are one of the few states that actually have a state crab.

source for above -- Oregon business report


Anonymous Pete said...

here is a map of Oregon Unemployment in August 2009 (BLS data)

versus Oregon Unemployment Levels 1 year ago

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