A Major Corporate Tax Increase Could Wind Up in Oregon Voters Hands
One state is taking Bernie Sanders’ message to the voters with an initiative that would significantly raise the corporate tax rate.
FOX’s Jessica Rosenthal reports a new study finds it would also cost individuals and families:
Many labor groups are backing Initiative Petition 28, it would significantly raise corporate taxes and a new legislative analysis finds of about a thousand businesses this would impact, roughly 50 of the highest grossing firms would pay about 50 percent of the taxes.
It’s estimated to bring in nearly $600 million next year and as much as three billion dollars a year after that. But the analysis of it finds it could result in job loss and an economic slowdown. Oregon doesn’t have a sales tax, but the report estimates that this would result in extra costs being passed along to the consumer in the form of higher prices for goods.
Jessica Rosenthal, FOX News.
