- Days left
Oregon measuress 66 and 67 special voteI didn't need any time for deliberation when I received my ballot for this month's special state vote in Oregon: I filled in the bubbles for "yes," as did a majority of voters, next to Measures 66 and 67 and took it with all speediness to the nearest library drop-off. Measure 66 raises taxes on individuals making more than $125,000 (and couples making more than $250,000)
For the next few weeks, I listened as the two sides spent millions and made more and more melodramatic advertisements. My favorite: three employees of a coffee shop mourn how they're shutting down due to the new taxes in Measure 67; which would only be $150, up from the previous $10 minimum, unless the business was making a substantial profit or over $500,000 in revenue (and then, the business pays a minimum tax of 0.1% of revenue, or $500 on $500,000). I tried to envision the scenario in which a coffee shop would have to close over a tax of either $150 or $500. Couldn't they just cut back on soy creamer? I thought to myself.

But the fact that I, like 54% of the voting electoral populate, decided on Jan. 26th to raise taxes in a bad economy sets us up as the radical trendsetters for the nation. Never mind that the "Yes" campaign spent a few million more than the "No" campaign; never mind that, without the $727 million legislators expect the measures will raise, teachers at public schools and community colleges will lose their jobs, class days will be cut, and social services will be reduced. This is the first tax increase passed in Oregon since 1930. Pundits are saying that "Oregon is a ... bellwether state" and this is a key shift in the "narrative" of the country. In other words: we're not going to continue the belief that rich getting richer is the best possible way for all we serfs to continue to enjoy our crumbs.

"There's been something of a populist reaction to those perceived to be responsible," said political analyst Bill Lunch, recalling the recent election of Scott Brown in Massachusetts. "Here, the reaction is against the affluent and businesses." In the Wall Street Journal, Joel Millman writes that the "ballot measures also served as a gauge of anti-business populism and highlighted a nationwide debate over whether to fix state budgets by targeting the affluent."

Are we crazy? Is this a token of an upcoming swing in our national attitude toward businesses and the people who start, and run them? Or is this just the messy result of a liberal-leaning passel of voters and a bloody, expensive campaign? Either way, Oregonians have told the rich: pay up. And, come April, they'll have to put their hands in the pockets of their tailored suits and fork over the cash.

Increase your money and finance knowledge from home

How to Buy a Car

How to get the best deal and buy a car with confidence.

View Course »

Basics Of The Stock Market

Stock Market 101 - everything you need to know but were afraid to ask!

View Course »

TurboTax Articles

What is Form 1095-C: Employer-Provided Health Insurance Offer and Coverage

The Affordable Care Act, or Obamacare, requires certain employers to offer health insurance coverage to full-time employees and their dependents. Further, those employers must send an annual statement to all employees eligible for coverage describing the insurance available to them. The Internal Revenue Service (IRS) created Form 1095-C to serve as that statement.

What is IRS Form 8379: Injured Spouse Allocation

The Internal Revenue Service (IRS) has the power to seize income tax refunds when a taxpayer owes certain debts, such as unpaid taxes or overdue child support. Sometimes, a married couple's joint tax refund will be seized because of a debt for which only one spouse is responsible. When that happens, the other spouse is said to be "injured" and can file Form 8379 to get at least some of the refund.

What are 1095 Tax Forms for Health Care?

The Affordable Health Care Act, also known as Obamacare, introduced three new tax forms relevant to individuals, employers and health insurance providers. They are forms 1095-A, 1095-B and 1095-C. These forms help determine if you need to comply with the new shared responsibility payment, the fee you might have to pay if you don't have health insurance. For individuals who bought insurance through the health care marketplace, this information will help to determine whether you are able to receive an additional premium tax credit or have to pay some back.

Add a Comment

*0 / 3000 Character Maximum