Oregon's Millionaires' Tax Drives Millionaires Out of State


#1

Oregon’s Millionaires’ Tax Drives Millionaires Out of State
Paul L. Caron
TaxProf Blog
12/21/10

Wall Street Journal editorial, Ducking Higher Taxes: Oregon’s Vanishing Millionaires:

[quote]Oregon raised its income tax on the richest 2% of its residents last year to fix its budget hole, but now the state treasury admits it collected nearly one-third less revenue than the bean counters projected. …

Congratulations. Instead of $180 million collected last year from the new tax, the state received $130 million. …

One reason revenues are so low is that about one-quarter of the rich tax filers seem to have gone missing. The state expected 38,000 Oregonians to pay the higher tax, but only 28,000 did. Funny how that always happens. These numbers are in line with a Cascade Policy Institute study, based on interstate migration patterns, predicting that the tax surcharge would lead to 80,000 fewer wealthy tax filers in Oregon over the next decade. …
[/quote]
Also: regarding the same TWSJ column:

John Galt Tells Oregon Politicians to Screw Off
December 21, 2010 by Dan Mitchell

The Oregon Ducks will compete for the national championship early next month, so they’ve had a good season. Unfortunately, Oregon’s government isn’t doing nearly so well. Politicians approved a big tax hike on those bad, evil rich people in 2009, and Oregon’s spite-filled voters approved that measure earlier this year.

So how’s is Oregon’s class-warfare approach working? Not surprisingly, the politics of hate and envy is generating poor results. Revenues are much lower than forecast, as anyone with a rudimentary understanding of the Laffer Curve could have explained. The most noteworthy result is that about one-fourth of rich taxpayers have disappeared. Does the name John Galt ring a bell?

None of this should be a surprise. Maryland politicians tried to rape rich taxpayers a couple of years ago and they also crashed on the Laffer Curve.

I’m sure states like AZ and TX are suitably grateful for the stupidity of states like OR and CA.


#2

Amazing how wealthy Liberals jump through amazing hoops to avoid confiscatory taxation but they don’t think Conservatives will do the same thing.

Another state drives a stake through its own heart.


#3

Kind of lends perspective to lib/Prog pol and MSM claims that tax cuts “for the rich” “lost” the government $X billion.


#4

Not to mention that liberals never cut government spending.


#5

and nothing will change in Oregon, in the elections, it decisively sent back a DEM Senator, elected DEM Governor, barely, and has total DEM Control over state legislature.


#6

It’s like a seeing a train heading for a bridge that’s ready to fall down. You try and tell people what’s going to happen and no one listens. You know it’s going to be ugly and costly, but you can’t help but watch the distruction. Then what happens next? The Dem’s put another train on the tracks swearing this time it will make it.


#7

Really, Perkins. It’s pretty bad when you actually have to point out to people that banging their heads against a brick wall hursts. What’s worse is when they refuse to believe you.
I’d shrug it off with a, “Fine, suffer!”, but they make the rest of us suffer right along with them.


#8

Just like kids touching a hot stove, but even children learn after they get burned once.


#9

Well, children are sentient…lib/progs, not so much


#10

:rofl:


#11

And some wonder where the expression, “I know 2 yr. olds smarter than Democrats”, came from?


#12

The public employees run Oregon. They want higher taxes for their higher checks. Bunch of thugs.