How money will be raised wasn't clear in yesterday's Ways and Means Co-Chairs budget. As one reporter pointed out: the budget assumes $800 million from new taxes on the wealthy and corporations -- that isn't meeting budget cuts halfway, it's only meeting them 1/3 of the way.
There has been plenty of mention of an 11% rate on the income of families over $250,000. This is expected to bring in $483 million to educate our kids, run our prisons and help our vulnerable citizens. Only 1 in 60 families have income of more than $250,000. In these dire times, with nearly 1 in 8 Oregonians unemployed, it seems fair to ask more of those who are still doing so very well.
What isn't clear is why more isn't being asked of Oregon's corporations. In the 70s corporations were paying 16% of Oregon income taxes, today they pay 6%. So far, the legislature's plan doesn’t do much to address this shift. Should our legislators continued to keep Oregon’s corporate taxes low while it increases college tuition for our kids?
Certainly, Oregon’s low businesses taxes aren’t helping keep our economy afloat. We’ve the lowest business taxes of the 11 western states and the highest unemployment rate. Low business taxes have clearly not lived up to their hype.
How about a legislative goal to raise as much new revenue from big corporations as we do from wealthy families--$475 million?
Jody Wiser, Chair, Tax Fairness Oregon 503 810-6654
posted 4 years ago
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