Democrats prepare for historic Billion Dollar Tax Week
five days, Democrats will squeeze $1.129 billion out of Oregon
employers and families
Salem, OR – This week will see the
legislature vote on more than one billion dollars in new
taxes, primarily targeted at Oregon small and family
businesses. These taxes are being heralded as job killers,
resulting in an immediate loss of more than 5,000 jobs and
discouraging future Oregon businesses from locating to
Oregon. Oregon currently has the second highest unemployment
rate in the nation.
week Democrats will vote to continue a pattern of excessive
spending on the backs of Oregon small and family owned
businesses with one of the largest combined tax increases in
Oregon history,” said Senator Ted Ferrioli (R-John Day).
“When the dust settles at the end of this week, employers will
have to start preparing to extract over a billion dollars from
their businesses. It doesn’t take an economist to know that
this will mean a significant slowdown in Oregon’s economy.”
Democrats are poised to force three different tax raising
bills to the House and Senate floors this week:
HB 2116 C – Creates a brand new tax on insurance
premiums for small businesses and individual purchasers,
and increases the tax rate imposed on hospitals. Total
raised: $396.5 million.
HB 3405 A – Increases the tax on Oregon businesses for
the “privilege” of doing business in Oregon and increases
the overall tax rate on Oregon corporations. Total
raised: $261 million.
HB 2649 A – Creates two brand new,
highest-in-the-nation tax brackets at 10.8% and 11%. More
than 70% of the individuals paying this tax will be small
and family owned businesses. Total raised: $472 million.
Attached is a
detailed breakdown of each bill.
most states are talking about how to protect businesses and
attract more employers, Democrats are brazenly adopting tax
policy that will choke the life out of private sector jobs,”
said Ferrioli. “Republicans have a proposed a budget that
pays for important priorities without raising taxes. This
relentless pursuit of tax increases is unfair, unnecessary and
Republicans proposed a
Back to Basics
Budget in May that outlines a way to pay for Oregon’s most
important priorities without increasing taxes.