Tomorrow is the legislative hearing for one of the bills we’re following closely here at The Sockeye: the Tax Haven Bill, or as we like to call it, the Make Corporations Pay Their Fair Share and Stop Them from Avoiding Billions in Taxes with Off-Shore Accounts Bill.
As Oregon’s population and economy have grown over the years, the amount of revenue collected from personal income and property taxes has grown too. This isn’t necessarily a good thing, though – Oregon’s taxes are regressive, meaning the lower your income, the higher the percentage of it that you have to pay in taxes. While working Oregonians have been paying more in taxes, corporate taxes have stayed flat. This is partially due to the fact that big corporations and the wealthy use every loophole in the book to avoid paying the taxes they owe. Many corporations take advantage of Oregon’s minimum corporate tax – a staggering $150 a year – and our state’s corporate tax rate is the lowest in the country.