Wednesday, February 3, 2010

Chicago Looks to Take What Oregon’s Giving Away...

Ironically enough, in the wake of Oregon’s voters hiking that state’s top personal income tax rate by 22.5% (from 9% to 11%) and its corporate tax rate over 19% (from 6.6% to 7.9%), Chicago’s Democratic Mayor (Richard Daley) noted that Oregon’s mistake “will help our economic development immediately,” adding, “We’ll be out in Oregon enticing corporations to relocate to Chicago.”

Of course, despite the fact that Illinois’ top marginal income tax rate is a mere 3% (1/3 of Oregon’s original top tax rate), Mayor Daley’s city is burdened with sky-high property taxes and a very high (10.25%) sales tax.

Richard Daley is right in saying, “What happened in Oregon is not good news for Oregon. They believe that anybody who makes $125,000 or more [annually] or businesses or anyone who makes $250,000 — they’re gonna start taxing them. They call them ‘rich people,’ ” the mayor said.

“I’ve always thought America stands for [rewarding success]. You finish high school. You work hard, go to college and you hope to succeed in life. I never knew it’s a class war—that those who succeed in life are the ones that have to bear all the burden. I never realized that. It will be a whole change in America that those who succeed and work hard [that] we’re gonna tax ‘em more than anyone else.”

Chicago’s Mayor finished with, “It will help our economic development immediately. You’d better believe it. We’ll be out in Oregon enticing corporations to relocate to Chicago. I’ll be very frank. I make no bones about that. If those states want to do that, so be it,” he said.


Daley’s stance shows that even many hardcore, mainstream Democrats eschew the Obama administration’s flirtation with Carteresque Keynesianism.


Skunkfeathers said...

Ironic, isn't it: a major player from the Chicago politik machine that Barry sprung from, is backhanding Barry by making it perfectly and publically clear, he'll pounce on the stupidity of Oregon, a state that signalled it approved of Barry's tax-n-spend agenda. 2010 is going to be a VERY interesting year at the polls, indeed.

JMK said...

It really is very ironic on a couple of levels, (1) that a fellow Democrat (and a highly visible one at that) would so openly repudiate the faux economic policies of his own Party and (2) that a Chicago Pol would stoop to courting disaffected business owners from other "high tax states."

Maybe President Obama's teleprompter faux pas really are undermining his credibility, even within his own Party. The other day, the President pronounced Corpsman as "corpse-man" three times in one speech.

Nevada Corporate Services said...

The New Oregon Wealth Tax. I've been searching voraciously and am surprised the no one has been discussing the Exemption from the New Oregon Tax.

Has nobody notice the big glaring EXEMPTION that is available so these "HIGH INCOME" ($125k a year) business owners and these outrageously arrogant corporations can avoid paying this New Oregon Wealth Tax?

Maybe not all, but many of these business owners can qualify to avoid this tax, in fact they may be able to pay even less that previously expected because of the exemption.

While I am celebrating that the backs of business owners won't be broke trying to support the wasteful spending habits of the politicos that hold your childs education as ransome everytime they want to spend more than is available on their pet projects or to pad the wallets of their friends, or simply because they are too "involved" to actually be frugal with their spending habits, others may be at least disappointed that knowledgeable business owners can adapt to these new inconveniences.

If you are in the claimed 3% that will shoulder this 700 million dollar padding for the Legislature ask your accountant about the New Oregon Tax Exemption. If he/she doesn't know about it, call me, Richard Fritzler at 1 877 NCS PRO1. We can provide an analysis for your unique business situation and see if you qualify.

JMK said...

"I've been searching voraciously and am surprised the no one has been discussing the Exemption from the New Oregon Tax." (NCS)

I have to acknowledge up front that I have no detailed expertise in Oregon's tax code, but I've looked around the Web and found no articles, not even anything on Oregon's state website about any major exemptions from this tax.

The only major tax exemption I've seen from Oregon comes from the Oregon Enterprise Zone, although that seems to be a highly restrictive exemption, based on location, etc.

Unless these Enterprise Zone exemptions are triggered in by a location's unemployment rate (the entire state of Oregon's current unemployment rate is slightly over 11%), I have to wonder just how "glaring" and "widespread" such an exemption might be....and they'd seemingly do nothing for those high-earning individuals, as they seem targeted to businesses.

Now, if such exemptions ARE triggered by the unemployment rate in a given area, depending on where those triggering numbers are, that COULD be a very glaring exemption for many businesses.

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