Posts tagged "oregon tax"

Oregon’s budget increased because of federal tax hike on wealthy

Oregon lawmakers delivered some great financial news this past Friday, allowing some room to breathe with the budget.

The state’s economists have said that the state revenues are supposed to come in at $162 million higher in the latest biennium because of the tax increases on the wealthy that was implemented by Congress. The tax increases will have an effect on filers in 2013, which influenced a sell-off of assets at the end of 2012. This gave a sudden increase to state tax receipts.

The sell-off will eventually lead to a reduction of $75 million in the revenue outlook for the next two years. Adding it up, the lawmakers will have about $88 million more to use for Oregon as they start to develop a budget for the 2013-2015 biennium. This is not a bailout, but rather a difficult choice that had to be made. Oregon has experienced some bad news in its finances in the past four years, and it’s nice to have this good financial news drop on them.

Senate President Peter Courtney mentioned that this forecast is a positive net gain because every single penny will help Oregon, parting the clouds a little to help the sun shine enter.

Overall, Oregon’s state general fund is supposed to hit around $16.6 billion for 2013 through 2015. That’s about a 9% increase from the current budget of $15.2 billion. There’s expected to be larger tax collections in the new few months because of higher earners pushing more of their income into 2012.



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Posted by Taxmaster - April 30, 2013 at 7:52 pm

Categories: Federal Tax, Income Tax, State Tax, Tax Law   Tags: , , , , ,

Nike gets NO NEW TAXES

Oregon- Nike is proposing on being a job creator in Oregon in exchange for a freeze on their state taxes. This proposal could amount to hundreds of jobs for the state which has prompted legistlators to approve this measure as emergency legislation.

Critics of the approval are suspicious about the timing and intent of this special session. When other legislators were out on holiday break Oregon legislators came together and approved an emergency assurance to one of the largest shoe and athletic companies in the world.

This deal once again proves that Oregon will go to great lengths to protect this corporate giant and all it brings to the state. Money and power has once again tromped common sense and assessing fair taxes equally on all taxpaying parties.

“We have a wonderful, wonderful company that’s going to be remaining in Oregon because of what we’re doing here today,” said Democratic Sen. Ginny Burdick of Portland.

This Nike deal is completely unconventional in a world where tax cuts for the wealthy have become commonplace in the political world.

Due to its emergency nature the meeting cost taxpayers $13,000 and came right before the regular legislation was set to be held. With all of these circumstances the deal seems rather peculiar that it happened in such a manner.

Such factors led Kitzhaber to acknowledge the emergency legislative session was “extraordinarily awkward.”

With this initiative in place Nike has promised to make more than 500 jobs and invest at least $150 million dollars into Oregon’s economy. The bill could be signed as early as next week by the governor.

It is still unclear as to why the emergency legislation took place but one could surmise that Nike may have been threatening to expand outside of Oregon. Nike declined to comment.

In a statement, Nike spokeswoman Mary Remuzzi thanked legislators for acting “quickly and decisively.”

“This is a very positive step forward, not only for our company but for the state of Oregon,” the statement said.

This new infrastructure and job creation is critical in a state that has low property tax, no sales take and relies heavily on personal income taxes. Why in such a tax strapped state legislators are actually giving up tax collection on one of the largest employers in the state. No one knows.

Nike justifies this by claiming that these new jobs to be made are in high income positions and therefore will help bolster the economy.

Nike has been quiet on its new expansion plans or what it plans to do or what the workers plan on doing.
Nike has roots deep within Oregon when it was created in the 1960’s by a runner and his college track coach. Nowadays this company has blossomed into one of the most influential and popular brands in the world. The company is also a very large donor to the University of Oregon.

One can see just how much pull money and power can bring into the legislative sphere. It looks like Nike has their state politicians calling emergency legislative sessions and pulling favors for them. What’s next?


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Posted by Taxmaster - December 19, 2012 at 7:21 pm

Categories: Income Tax, State Tax, Tax Law   Tags: , , , , , , , ,

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