Tax Alert: Dems propose 1,280% Tax Increase

Press release from House Republican Office:

HOUSE DEMOCRATS PROPOSE 1280 PERCENT TAX INCREASE
ON OREGON BUSINESSES

Rep. Scott: ‘David Edwards Tax Increase’ Hurts Economy, Jobs

SALEM””House Republican Leader Wayne Scott (R-Canby) had the following to say regarding a corporate minimum tax increase being proposed by Rep. David Edwards (D-Hillsboro) and House Democrats:

“This is a tax increase on every business in Oregon, from Enron on down to Mom and Pop.

“According to their own numbers, House Democrats want to raise taxes on the average business by 1280 percent.

“House Republicans oppose irresponsible tax increases that are harmful to our jobs and economy. The “˜David Edwards Tax Increase’ is no different.”

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  • CRAWDUDE

    The DNC has no choice but to raise the tax, they can’t keep giving sweetheart deals to the public employees unions and eco-terrorist supporters and not raise revenue to cover their failed health care plan.

  • Corporate taxpayer

    I would like to clarify something on the corporate income tax. There are two types of corporations. The first is a C Corporation. This type is taxed in Oregon at 6.6% of taxable income. Taking a corporation with taxable income of $150,000.00 their Oregon tax would be $9,900.00. The other type of corporation is a Subchapter
    S Corporation. This is the more common type for small businesses. That is the corporation type that pays the $10 minimum excise tax. The taxable income of that type of corporation is passed through to the shareholders, depending on their percentage of ownership. That money, the corporate profits are then taxed at the shareholders income level. In my case it was taxed at 33% making my tax due on the corporate profits $19,800.00

    There has been much fuss about this, and misunderstanding and mis-statements concerning this.

    Thank you

    • CRAWDUDE

      Thank you, it’s too bad that most of the misstatement and distortions come from the liberal members of our government and biased media………these are the people who should know the truth.

      It’s also very sad that the GOP in this state can’t do anything except whine about it. Maybe they could cut and paste your statement in a couple publications so the Oregon voter knows that the tax increase is a sham aimed at small business people not large companies…….If it passses it is yet another nail in the Oregon economy coffin.

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  • Corporate Taxpayer

    Just one more clarification on the corporate taxes. The C corporation does pay 6.6% of it’s taxable income, but money paid to the shareholders of those corporations as dividends, also pay taxes on it. This results in a double taxation

  • Caper

    The liberals need a 1,280% tax increasetopay for their 1,280%increase in their spending.

  • baldeagle

    Wayne Scott must be unintentially self destructive. A minimum corporate income tax of ten bucks, unchanged since 1931 has created a very unbalanced revenue stream relying too heavily on the income tax paid disproportionately by individual households is the crux of the problem. HB 2530 increases the minimum corporate tax while protecting small businesses from a diproportionate tax hike.

    Most small businesses usually file tax returns as sole prorietors, limited corporations or partnerships. As such, they are paying 9.1% on their earnings from business while the larger “C” corporations are paying the token $10 bucks or only 6.5% of their reported earnings.

    Wayne Scott needs to get off his soap box and focus on tax reform instead of the tired old, no new taxes model.

    The single most important issue for the state is to find solutions to Oregon’s out of whack system.

    • Steve Plunk

      Baldeagle,

      Please, please try and understand how our tax system works. You pay taxes when you make money not when you lose money. The $10 minimum is paid through a filing fee when no other money is made. Those of us who are s-corps pay our taxes through the personal tax returns. The c-corps pay the 6.5% income tax and then the money they pay in dividends is taxed again through the shareholder’s personal return making the effective rate much higher.

      The issue is not tax reform it’s too much being paid in taxes already while the Dems want more. Our present system is fair and has worked for many years so please stop with the misdirection.

    • CRAWDUDE

      So after reading your post Bald Eagle, I’m left with this question. Since, as you state :

      “1931 has created a very unbalanced revenue stream relying too heavily on the income tax paid disproportionately by individual households is the crux of the problem.”

      This means that somewhere in HB 2530 there is an individual income tax cut since you’re saying that they are fixing the disproportionate tired old, no new tax model?

      Can’t wait to see the extra cash in my check! Thanks for letting everyone know exactly what this bill does………..I thought it was just a way to grub more money from hard working people who already pay too much. I’m besides myself that liberals would fix a tax problem and give a break back to the people! Maybe there is a Santa after all~!