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This week the Democrat co-chairs of the Ways and Means Committee announced their budget plan. It includes an $800 million tax increase on the “wealthy”. In reality the tax is a job killer, a massive increase targeting small and family businesses. All in a time when Oregon has 12 percent unemployment, the second highest in the nation and still growing.
In recent testimony delivered before the Oregon Senate Environment and Natural Resource Committee by Dr. Eric Fruits, Ph.D. on Oregon’s SB80, published by cascade Policy Institute, Dr. Fruits stated the following.
The Oregon Legislature is seriously considering dozens of tax and fee increases, including new taxes on big and small business as well as Oregon families. The May budget forecast is expected to fall short of prior estimates. It is possible that the budget hole for the 2009-2011 biennium may exceed 4 billion dollars, requiring the Democrat lead legislature to either cut budgets and reduce services or raise job killing taxes.