By Oregon State Chambers of Commerce
HB 3427-Awould levy a $2.8 billion gross receipts tax on all Oregon businesses with at least $1 million in sales. This is NEW revenue to fund proposed education priorities. The goal is laudable but the mechanism is not. A gross receipts tax, as proposed in HB 3427, is one of the most regressive taxing mechanisms. If this bill passes, local businesses and consumers will be subject to pyramiding of taxes up and down the supply chain and increased costs that are certain to stifle Oregon’s economy.
Enough is enough! The total cost of proposed taxes, programs and fees being considered by the 2019 Legislature is $5.67 billion over the next two years. That is too great a burden on local Oregon businesses.
You can see OSCC’s testimony here.
HB 3427 passed the House 37-21 and is expected to head to the Senate floor as early as this week.
Please tell your Senator that HB 3427 hurts small business and does nothing to ensure that Oregon’s PERS costs will not swallow up the entire tax increase within a few short years.