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Oregon Voters OK Tax Hikes on the Rich

"When the people find they can vote themselves money, that will herald the end of the republic"

Yup, Democrats holding schools and emergency services hostage. Boy that sounds so much like Mass. At least the last election showed we've had enough.

Looks like they're using Obama's playbook and using class warfare. Hopefully the rich and businesses move out on them!
 
^That point is unfortunately somewhat true. A lot of those 'wealthy" people are small business owners. They will get hit with a double whammy when their businesses are also taxed additionally. This will reduce the statewide tax base and reduce the revenue further if those wealthy small business owners leave the state, incidentally taking the jobs they provide with them; this will eliminate jobs, obviously.

The intention is noble - Education is important to support but this may not be the best way to do that.
 
Gertch said:
At least the last election showed we've had enough.
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This vote was Tuesday!

The "last election" shows that this is what the people of Oregon wanted.


Voting results don't count only when you enjoy them.
 
If the consequences here are anything like NYC, many of the "wealthy" and businesses will pack their shit and leave.

It will be interesting to revisit this in a couple years and see if revenue to the state has increased as is currently projected.
 
Gertch said:
"When the people find they can vote themselves money, that will herald the end of the republic"

Yup, Democrats holding schools and emergency services hostage. Boy that sounds so much like Mass. At least the last election showed we've had enough.
Click to expand...

Ah, so the will of the people as expressed through voting is good and should be trusted, except for when they vote for something you don't like such as raising taxes to fund basic services, and then it signals the end of the republic. Gotcha.

How is it holding those services hostage? If they don't get the funds, those services can no longer operate in full or part. Holding them hostage would be to deny them the extra tax funds out of selfishness and to let them die as a result, which is your stance.

Looks like they're using Obama's playbook and using class warfare. Hopefully the rich and businesses move out on them!
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Any time you want to rebut my post about how we're living in a tax paradise today compared to decades past, be my guest. This myth that the rich of America are being overburdened with taxes today as opposed to how they were taxed in the past is ridiculous.

By the way, I'm not advocating going back to those unbelievable 91% tax rates on income over $200,000 of the 50s and 60s, I'm just saying that all the people whining about taxes today are completely ignorant of what a good thing they've got going now and that maybe they should relax and stop trying to scare people with boogeyman stories about taxes.
 
Mr. B said:
If the consequences here are anything like NYC, many of the "wealthy" and businesses will pack their shit and leave.
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They will, to some extent. We've seen it here in Mass. The question is will the people wake up to what is going on or simply vote another tax on a class different than theirs.

It will be interesting to revisit this in a couple years and see if revenue to the state has increased as is currently projected.
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I agree. But the Laffer curve, proven through history, is not on their side. Plus it's a government prediction. Look how good that worked with unemployment after the 'stimulus' bill. Unemployment wouldn't go above 8%? Riiiiight.
 
Many wealthy people don't have salaries; they have capital gains instead. They're paid in stock options and make money by selling them. Capital gains are taxed at lower rates than regular income.

You can see a lot of folks would get married to avoid the higher taxes. If this happened here in California I'd have real issues... with my bonuses I bump up against the $ 125k threshold. There is no way in hell I'd marry a man and it's illegal for lesbians to marry each other. Perhaps I should ensure a Steel Bitch Dyke exemption gets into the proposition...
 
gturner said:
I hope 48 other states do it. That way all the country's businesses and rich people will relocate here! :)
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Yeah right, all the rich people are suddenly going to think: "Hmm, where could I go? New York? LA? Maybe Florida? No, Kentucky!!"
 
The WSJ published a decent article on this issue last May...
...
Updating some research from Richard Vedder of Ohio University, we found that from 1998 to 2007, more than 1,100 people every day including Sundays and holidays moved from the nine highest income-tax states such as California, New Jersey, New York and Ohio and relocated mostly to the nine tax-haven states with no income tax, including Florida, Nevada, New Hampshire and Texas. We also found that over these same years the no-income tax states created 89% more jobs and had 32% faster personal income growth than their high-tax counterparts.


Did the greater prosperity in low-tax states happen by chance? Is it coincidence that the two highest tax-rate states in the nation, California and New York, have the biggest fiscal holes to repair? No. Dozens of academic studies -- old and new -- have found clear and irrefutable statistical evidence that high state and local taxes repel jobs and businesses.
...
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Wall Street Journal: Soak the Rich, Lose the Rich
 
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