Oregon Referendum to Raise Taxes on "The Rich" Those making over $125,000.00

Today in Oregon they are voting on referendum measures 66 and 67. 66 would raise the Oregon income tax on individuals that make more than $125,000. Measure 67 would raise corporate income taxes. The state is looking to bank on an additional 727 Million dollars rather than balance it's 14.3 Billion dollar budget.

Aside from the implications of a class warfare situation brewing over higher taxes for those "greedy rich people" are the ramifications of taxing business during a recession. It's unclear what impact a tax increase on the job creators will have but many economists have made clear that this is never a good idea. Today the people in Oregon will decide whether to target the rich or to hold their government accountable.

You better believe Washington will be watching the results of this vote.

1-27-2010 Update

It appears that a new era in class warefare and wealth envy has begun in Oregon. The voters have approved both measures 66 and 67 with a slight edge. People and business will likely begin to move our of the state now. Then Oregon will have a real budget short fall.


Cheers,

Mike