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66 and 67 PASSED!
Measure 66
Yes 55%
No 45%
Measure 67
Yes 54%
No 45%
With most of the votes tallied in Multnomah County and over half of the votes from around the state counted, it is safe to say that Measures 66 and 67 have passed in Oregon. These tax increase measures will have a major impact on local schools and other programs that have an impact on Oregon's children. Both Measures 66 and 67 will provide money to fill the deficit in the Oregon budget this year.
According to the Oregon State Legislature website, Measure 66 will increase taxes 1.8% on individuals who earn over $125,000 a year and households who earn between $250,000 - $500,000. Households earning over $500,000 will have a tax increase of 2%.
Measure 67 will raise the minimum state corporate income tax from $10 to $150 for most businesses. Corporations earning over $500,000 in revenue will pay a minimum of about 0.1% of their total revenue.
The Associated Press has declared that both measures have passed. By passing the measures an estimated $727 million is projected to be raised to fill a deficit in the state budget.
Opponents to Measures 66 and 67 warned of negative impacts on the Oregon economy, including job losses and increased inflation.
Re: 66 and 67 PASSED!
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I am genuinely scared for this state's economic future. I fear for the number of jobs we stand to lose, and what will happen to the budget when businesses and people hit with these hikes head across the river.
It's not simply speculation anymore, I've already spoken to 3 business owners and their outlook isn't good. I've also heard talk of some very wealthy business owners moving across the river. I believe this will make matters worse for a lot of Oregonians.
It is my understanding we are still cheaper even with the tax fairness (Ok, ok, I did that on purpose
)
I'm almost positive we're cheaper than WA
And could you guys help me understand something else, bc I honestly don't get it, and maybe if I had grown up here it would make more sense but:
Before these measures passed, weren't we like THE cheapest state in the union for businesses? I think now we're somewhere in the top 5 still. So why did we never have any large corporations with the exception of Nike? You would think with the free ride businesses were given, there would be TONS more. I really don't get it-I feel like PDX would attract a lot more corps.
And we don't have a sales tax!!! I don't know why the hype about how "horrible" this measure is, it will not raise taxes enough for a business to justify packing up and leaving.
It's not like they can simply move. They have to re-file in a new county and state for their business license, change insurances, and many many other expenses will be incurred by moving states. The river-hopping is a fear mongering tactic I keep hearing, but if someone just does the math it doesn't add up. Honestly, the benefits still outweigh the costs.
It's not looking good for the people I know. I have some family & friends who are small business owners. They have already figured out that they will have to let about a dozen people go. One is considering moving his business entirely. We'll see.
Then there's the owner at my job...he announced today he's probably going to be moving to Vancouver. I've heard rumblings there are more changes, but nothing announced yet.
Oh, and I hear Phil Knight (Nike) is moving across the river. So Salem's budget can kiss his tax dollars goodbye.
I just don't see how shedding more jobs will be good for this state.
"That chick wins at Penises, for sure." -- Fenton
I'm of the opposite opinion. I'd rather keep and create more jobs for Oregonians in the private sector. And since these are such tough times, I believe these job losses will be devastating.
Salem has too many wasteful programs and services, that I honestly do not believe to be vital to the population. The unreasonable raises government employees got last year, combined with these wasteful programs are creating a problem for the state budget.
Why would anyone with money want to come or stay in Oregon, where they'll pay the highest income tax rate in the nation? We're not just talking about coughing up a 'few more bucks".
But that's what I don't get: he will be paying MORE in Vancouver as far as I can see. Their Corp taxes are higher. It just seems like cutting off one's nose to spite your face bc they disagree with the 'principle' of the taxes.
Not anymore. Measure 66 just raised that income tax to 11%...same as Hawaii
ETA: Oregon's state income tax is now twice as high as the national average.
He's not moving Nike, he's moving himself. So whatever he's personally been paying in taxes to Oregon, the state just lost.
And I still say I really don't know anyone who disagrees with the 'principle' of paying taxes. I don't even know very many who disagree with progressive taxation. Well, maybe a couple who favor a flat tax, but that's another argument.
Its' the idea that once you've reached a certain bracket, you shoulder the overwhelming majority of the tax burden. And after talking today to a couple people who lose 60% + of their income (federal+state+etc..), I really, really agree that these tax increases are punitive and hinder growth.