Business leaders made it clear to lawmakers in Salem that capital gains reform must accompany kicker reform.
Legislators are pushing forward bills in Salem to reform Oregon’s kicker law to improve the state’s fiscal future.
But business leaders testified that Oregon’s high capital gains taxes are equally damaging – and must be lowered.
Sponsored by Sens. Frank Morse, R-Albany, and Ginny Burdick, D-Portland, the proposal got its first public airing before the Senate Finance Committee. Though there appeared to be unified support for boosting state reserve accounts as a safeguard against inevitable economic recessions, there was little consensus about how to save the money.
Jay Clemens, president and CEO of Associated Oregon Industries, called the Morse-Burdick plan “a serious and thoughtful proposal,” and pledged that the business community would work with the Legislature to make it happen. However, he said the support is contingent on lowering the rate of capital gains taxes “substantially.”
Harry Esteve of the Oregonian has the full story.
