We own a small business, our taxes have NEVER been lower. What are we doing with the money? Banking it. just like everyone else is doing:
The problem with Dudley's plan is that its' capital gains cuts creates an amazing imbalance. Cap gains are taxed as income in OR, Dudley's plan reduces cap gains to 3%. What that means is that his company Filigree Advisors which has no employees, stands to make millions and not create a single Oregon job. When large corps with large numbers of employees have piles of cash on hand, how do they grow? They BUY marketshare. Acquisitions and consolidation don't create jobs they create huge job losses.
He plans to "pay" for the loss in revenue to the state "with all the new jobs it creates!". Seriously? isn't that how we got into this mess in the first place... you know, projections?
We moved our company here from California. I'm never looking back. Oregon is a great place for a business (and an amazing place to live) and the statistics actually show that:
Because we are a B2B business, we're growing. 2010 will be our best year ever. As a business, cap gains has nothing to do with our hiring decisions. demand does.
Oregon does not exist in a vacuum, what happens nationally affects us. In the past year AFTER 66&67 we've closed the unemployment gap between OR and Nat rate by about 50%.
Under our last GOP Gov, Atiyeh Oregon went from a national tax burden rank of 6th to 3rd highest in the nation. Since Atiyeh we've risen to 26th (under Kitz we improved from 15th to 20th).
Yeah pick the guy who never had to balance a budget and assumes the best way to pay your bills is to reduce your revenue ... and watch how quickly Oregon collapses.
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He can do it, of course, by cutting pesky social services to almost nothing. Let's be clear though, he can't cut taxes, balance the budget, and improve education. Then when schools and social services hit rock bottom, companies will be less likely to move to Oregon and create jobs. It's all connected.
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