66 and 67 don't measure up
Thursday, January 14, 2010
Measure 66:
Increasing the state’s tax on the richest of the rich sounds like a good idea, right? We would have an increase in tax revenues that would be able to fund education, transportation, law enforcement and all the rest of Oregon’s struggling extensions of government. The only people affected would be those making $125,000 and couples making $250,000 a year. That includes essentially no students, so we are the short-term beneficiaries of this prospective law change.
But these tax hikes are massive, increasing the tax rate a minimum of 1.8% of a person’s income to a grand total of 11%. Eleven percent! That’s more than a tenth of their salaries and earnings from investments.
But let’s pose a question: why are these people so filthy rich in the first place? They are business owners and/or investors in enterprise. If the government skims their income before they have a chance to invest it, then we will have a capitol shortage and Oregon businesses will be at a sharp disadvantage, unable to compete with foreign-owned companies that offer the same goods and services. I hope you’re ready for more Walmarts! Vote no on Measure 66, and save our local businesses.
Measure 67:
Here’s why you should vote against Measure 67: The voters in this state have been presented time and time again with the opportunity to increase our taxes by strapping down our in-state businesses with more taxes. Our record says that, in spite of the short-sighted efforts of our state legislature (who introduced this bill in the first place), we the voters have been flat-out unwilling to let those kinds of taxes go through.
Why? If we increase taxes on businesses in Oregon, many will simply shut down. Others will leave the state in search of a more advantageous economic climate. Still more will have no choice but to raise their prices to make up for the outrageous taxes being charged to them. Ultimately, what we will end up with is fewer local businesses and in-state jobs, and higher priced products from the locally operated businesses that remain (e.g. dairies, bakeries and other local manufacturers of necessities).
This bill is an economic suicide pill with Oregon’s name on it. It increases our state’s minimum tax for businesses by fifteen times. The taxes are also retroactive to 2009, which means that, if 67 passes, each business will have to pay out-of-pocket increases on last year’s taxes. Lastly, this bill will base the rate of taxes collected from each company on their in-state revenue, not on their profits. This means that a business could lose money for the year and still have to pay more taxes to the state. If this bill passes, we will all pay for it through higher prices and the lack of jobs. Do yourself a favor and vote no on Measure 67.
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