Tuesday, January 26, 2010

Tax the rich day! MEASURES PASS!!!!

Today is a special election in Oregon with only TWO ballot measures. Tax the rich measures....
One for those making over $250,000 jointly, or $125,000 as individuals, would pay more taxes.

The other hits corporations, and puts an end to the 1931 (I'm not kidding) $10 corporate tax.

One commercial has a bit about how credit card companies hit up customers with $39 bucks a pop late fees-- yet they pay a $10 annual tax, they are updating it to a $150 minimum & more if you make more $.

Truth is, even if this is approved , low & middle income Oregonians still pay a higher percentage of their total income in taxes.

Nike, Intel and other super wealthy corporations have quietly poured millions into defeating the measures. The wealthy are whining about the tax, but hey!
Corporations are people, & people pay taxes.... right?

UPDATE!!!!!!!!!!!!!
RESULTS ARE IN!!!!!!!!!!!!!!!




14 comments:

Fran said...

Since Oregon votes by mail, & we've had a few weeks to vote, the early returns should reflect the general outcome.

Teachers, Public Services & Public Safety, even the Catholic Diocese & other Ministers & Church leaders have come out in favor. Oregon has been hurting financially, and it is only fair those with ample sums of money pay a more fair share.
The State legislature was going to pass this outright... but the wealthy got wind of it & turned it into 2 ballot measures.

I'm hoping it passes, as there are a lot more people who are NOT wealthy, who can potentially override the votes of those who are.

D.K. Raed said...

I had no idea OR corps have only paid $10/yr for the last 79-yrs. What a deal. Did it result in hordes of corps bringing jobs to OR thus enabling lower state unemployment rate during recessions? Nope, OR has consistently been among the top 5 states with highest unemployment. Call it a failure and move on ...

seems like the supreme court just handed you the best argument for raising corp tax!

Raising them up to their recently conferred citizenship status certainly won't put them at any disadvantage over over their neighboring state to the south ... CA which has an $800/annual corp min tax (loss or gain, makes no diff) and approx 9% corp tax on corp income.

Lisa said...

Here's to hoping it passes. Georgia, in its infinite wisdom, continues to ban alcohol sales on Sunday even though it's a reduction in tax collection. You know, because jesus would weep if people bought alcohol on Sunday, but he's cool with cutting funds for safety and education.

nonnie9999 said...

i hope the supremes' ruling kicks corporations in their fat greedy asses. there are always unintended consequences when someone thinks he's being oh so clever.

Fran said...

HOORAY!!!!!! Just learned Both measures passed.

Let's hear it for the little people (us non-corporation types!).

Nice to see the non oober wealthy were able to band together and vote in some fair taxing balance.

DK ~ Good points-- Oregon is still more reasonable, tax wise.... they were crying wolf. I have a hard time seeing Nike struggling with this... since their labor pool is not even in this country.

Lisa~ You crack me up!

Nonnie~ Oregonians are not usually favorable to passing any tax measure.... but giving the finger to those who make more & pay less came w perfect timing.

Hey! If they are just going to stuff politicians pockets w $$$, they may as well kick some into schools, safety & other necessities.

So say We the People (Peons??)

A satisfying win.

Fran said...

Another cool tidbit-- this goes into effect immediately-- so our Tax books said not to file till after this election.
I think $2400 of unemployment $ can be a writeoff as well.

The Silver lining of having been unemployed in 2009.

This is good. Plus the old days of timber revenues are a thing of the past.... Oregon has to find new revenue sources.

Our county unemployment rate is 10.9%

Statewide 11%

Stoked!

D.K. Raed said...

E-X-C-E-L-L-E-N-T!

Dada said...

Fran: Congratulations -- this is a step in the right direction. But can you tell, or do you know, how the tax increase will actually affect a large corp. like an Intel or Nike? I mean, I know how badly going from $10/yr. to $150/yr. would impact these megacorps -- closing down 'campuses', exporting jobs to Taiwan, etc. but how much more than $150/yr. tax will be paid by the big boys, because --while it's a beginning-- it still isn't doing much for squelching my desire for revolution.

Fran said...

Get out your party hat Dada~ you'll be glad to learn that the likes of Nike - the biggest athletic- shoe maker in the world and Oregon’s only Fortune 500 company, will not be paying tax equal to the amount less than one pair of their fancy gym shoes. Hah!

" The corporate minimum tax is graduated, climbing to as high as $100,000 for companies with in-state sales topping $100 million a year.

Under Measure 67, manufacturing, wholesale trade and retail trades would be hit hardest, paying nearly as much this year as Oregon’s 16 other economic sectors combined.

For a company with more than $100 million in sales, the $100,000 minimum tax represents 0.10 percent of their gross revenue.

Oregon’s C-corporations with in-state sales above $10 million, which comprise 7 percent of all such corporations, would pay combined tax increases of $78 million for 2009, or 80 percent of Measure 67’s projected tax revenue for that year.

Also-- a break for the little guy
The first $2,400 of income from unemployment insurance would not be taxed by the state in the 2009 tax year.

So overall the new taxes combined will bring in an estimated $727 million bucks. That is 5.5% of the general fund.

But hey!!! With so much going in favor of corporate rights & free flowing political monies, this is a breath of fresh air.

Our Prez said he would repeal all those Bush tax breaks for the rich on the Federal level.... but then put it on delay. (Don't get me started).

Usually Oregonians are tax opposers (we still don't have a sales tax), but the mood is such that enough non- wealthy people made it happen.

Might give other States ideas on how to begin finding some kind of balance.

Viva la Revolution!

D.K. Raed said...

Yore Oregon cores bin gittin a free rhide up thar til now!

It may seem like a soak-the-corp tax, but it really only puts them on the same footing as corps in many other states. CA and other states that expect their corps to pay a fair tax share should be rejoicing.

Now as far as those Bush tax breaks ... they were tax laws set to sunset at the end of tax year 2010... which means it would've taken another law to repeal them early ... which also means they can be extended BY LAW so that they don't expire at the end of TY 2010, but some other date. That hasn't happened (yet), but it's not quite fair to say that Obama could've repealed those laws early. Congress could've done that, but went with The Stim instead and pretty much (but not outright) promised the bush breaks would sunset in 2010 as provided by law.

Lowering personal tax rates for workers earning <$250K was incl in the 2009 Stimulus (what, you didn't notice the extra $10 per week?). Tax decreases can sometimes be enacted retroactively (as they were with GWBush), but not usually tax increases. Reagan had to wait yrs for his beloved Tax Deform to take effect (halving fed income taxes for the highest income earners, from somewhere in the 70% range to down in low 30% range ... oh but he gave us peons the IRA vehicle as a pacifier to allow us to save our own money for retirement for when social security keels over ... what a guy).

Aaah, it's a real govt con game anyway! They always have sunset dates for any tax decrease because that allows them to project eventual reduction of the fed budget by acting as if those sunset dates were going to be honored. Even GWB failed to make his tax cuts for the wealthy permament, much as he whined about what a good idea it would be (good for his rich buds).

Jeez, sorry to bring all that up ... really I only wanted to congratulate OR! Power to the People!

Fran said...

Well thanks for sorting that out. DK.
I forgot about the $10 bucks a week thing, but our asses will (literally) pay for it @ tax time.

Anyway..... I'm still on a high for these measures passing-- I needed some good news, after the supreme court gave corporations free reign to buy votes.

A glimmer of democracy in Oregon.

nonnie9999 said...

what a damned shame it is that what oregon voters do doesn't count, only massachusetts. ;o)

Fran said...

ahhhh still basking in the glow of this win.

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