Sunday, December 11, 2016

Let The Tax Fit The "Crime"

Portland punishes the wealthy:
The new law is set to take effect next year and is expected to only raise an additional $2.5 million to $3.5 million in revenue per year. The additional income is expected to be used to help address “income inequality” on the local level, while beefing up the funds for public workers like police officers and firefighters.

More from the Times:

The tax will take effect next year, after the Securities and Exchange Commission begins to require public companies to calculate and disclose how their chief executives’ compensation compares with their workers’ median pay. The S.E.C. rule was required under the Dodd-Frank legislation enacted in 2010.

Portland’s executive-pay surcharge will be levied as a percentage of what a company owes on the city’s so-called business license tax, which has been in place since the 1970s.

Many liberals across the country have praised the new law, but local business owners in Portland are not particularly thrilled about it.
And when they leave because of it, neither will people looking for jobs...

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