The Legislature appears to have lost its mind

Groveling before the rich for having dared to pass Measures 66 & 67 apparently, somebody has come up with an absolutely absurd proposal: a big old tax break for the golden parachute set. If the Lege wants to do anything for rich guys getting out of a business, they should do something to encourage the kind of transfer that Bob of Bob's Red Mill engineered for his company, selling it into an employee-stock-ownership plan (ESOP). But the turkey below is --- or should be --- a dead letter.

No Tax Breaks for Golden Parachutes

Tell Chairwoman Burdick to oppose giving another tax break to well-off CEOs.

I can't believe it.

The Oregon House of Representatives just passed a bill that would make "golden parachute" severance packages tax-free up to $500,000 if the applicant agrees to put that money into an Oregon business. This would allow well-healed CEOs to get a tax break of up to $54,000!

However, few working families will be able to save even one penny on their taxes. A recent survey found that 68% of workers did not receive any severance package when laid off.

Right now this special tax break is being quickly pushed through the Oregon Senate Revenue Committee. Proponents of the bill argue that this legislation will help generate jobs by encouraging business growth. It is a well-intentioned idea, but no different from the failed, trickle-down policies of the Bush administration.

Tell Senate Revenue Chair Burdick and her fellow Senators to oppose the "Tax Break for Golden Parachutes Act" today!

http://www.taxfairnessoregon.org/NoGoldenParachutes

While being promoted as a "jobs bill" this new tax break does not require the recipient to create even one job! Oregon has far more effective tools to get unemployed Oregonians working again than another costly tax break for the rich.2

We applaud our legislators for trying to bring back jobs to Oregon, but we should not create more harm than good by repeating the mistakes of the past.

Sincerely,

Noah Heller
Tax Fairness Oregon
Sources:

1. "Half of Workers Who Were Laid Off in the Last Three Months Have Found New Jobs, Reveals Latest CareerBuilder Survey," CareerBuilder, August 5, 2009

2. The Building Opportunities for Oregon Small Business Today Fund (BOOST Fund) gives grants of $2,500 to employers per new full-time job established and offers loans of up to $150,000 for businesses.