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Dan J

Oregon Passes Tax Boost on Wealthy, Corporations - WSJ.com - 0 views

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    "PORTLAND, Ore.-Oregon voters approved two special tax measures Tuesday designed to close a $733 million state budget gap. With 80% of the expected vote tallied, the Associated Press reported "yes" voters for Measures 66 and 67 garnered about 54% of Oregon's mail-in ballots. Elections here are by mailed ballot only. Tuesday was the last day ballots could be cast. Measure 66 increases Oregon's personal-income-tax rate by two percentage points for households earning over $250,000 a year. Measure 67 calls for an increase in the state's minimum corporate income tax, currently $10 a year, and imposes a tax on gross revenues for corporations that do not report a profit. The Oregon Legislature approved both tax increases last year, however opponents of the measures-chiefly business groups-sponsored a referendum campaign to put them to a statewide vote. Voters in this heavily Democratic state supported the legislators. "Passage of these measures means we keep core services of education, health care and public safety that Oregon families, businesses, and communities count on," said Oregon House Speaker Dave Hunt, a Democrat who represents Clackamas County. Defeat, he said, would have forced the state to cut nearly a billion dollars more from such services. The twin ballot measures also served as a gauge of anti-business populism and highlighted a nationwide debate over whether to fix state budgets by targeting the affluent. But they also fueled resentment of "tax and spend" legislators, as well as public-employee unions whose members enjoy job security at a time when thousands here have lost jobs. "
Dan J

News Roundup: The Golden State, Russia's Power Play, More Regulations In California And... - 0 views

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    "It took years for liberalism's redistributive itch to create an income tax so steeply progressive that it prompts the flight from the state of wealth-creators: "Between 1990 and 2007," Voegeli writes, "some 3.4 million more Americans moved from California to one of the other 49 states than moved to California from another state." And the state's income tax - liberalism codified - intensifies the effects of business cycles on the state's revenue stream: During booms, the stream surges and stimulates government spending; during contractions, revenues dwindle but the new government spending continues. Voegeli says that if California's spending had grown no faster than population growth and inflation from 1992 to 2006, it would have been $65 billion less in 2006, and per capita government outlays then would have equaled not those of Somalia or Mississippi but of Oregon, which is hardly "a hellish paradigm of Social Darwinism." It took years for liberalism's mania for micromanaging life with entangling regulations to make California's once-creative economy resemble Gulliver immobilized by the Lilliputians' many threads. The state, which between 1990 and 2007 lost 26 percent of its factory jobs and 35 percent of its high-tech manufacturing jobs, ranks behind only New York, another of liberalism's laboratories, in the number of outward-bound moving vans. (emphasis added)"
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