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Capital gains cut bill surfaces in State Legislature

Senate Bill 883 which would cut Oregon’s capital gains tax rate in half and be a boom for productivity in this state.  It is one of the more effective business bills in the State Legsilature.

Oregon’s 11% rate is the highest in the nation.  Others are taking notice of our high capital gains tax.  Last year, Forbes magazine ran an article entitled “The Other Capital Gains Tax: Thinking of selling before rates rise? First consider the local tax bite.” It then showed a graph of states with the highest tax rate and Oregon was at the top of the list. Whether you’re making money through running a restaurant or trading on BullionVault.com, high taxes are unwelcome news. The journals and information that job creators read are telling them to avoid Oregon. Instead of blocking jobs we need to create jobs and reverse the bad media Oregon is getting for their high tax rate.

The best way to jump start Oregon’s economy is to cut capital gain taxes. SB 882 cuts the rate in half. The Salem Statesman Journal states, “The 2011 Oregon Legislature has the opportunity to make significant, long-term improvements in the state’s tax structure and economy. The change should start with slashing the state’s exceedingly high capital gains tax.” (3/27/2011).

We hope that Senate Bill 883 will gain support and be passed before the end of Session.  It wouldbe a triumph for business.