the gaming and decline of oregon corporate taxes
TRANSCRIPT
The Gaming and Decline of Oregon Corporate Taxes
Preview of findings: June 28, 2016
We all want thriving communities across Oregon
Corporate tax decline makes that hard to achieve
19 19 19 19 19 19 19 19 19 19 19 19 19 20 20 20 20 20 20 20
0.61%
0.27%
Corporate income tax drops as share of economy
18.5%
81.5%
Mid 1970s6.7%
93.3%
Current 4.6%
95.4%
Chart Title
Corporate income taxesPersonal income taxes
Mid 2020s
Corporate share of income taxes has shrunk and will continue to shrink
What’s driving the decline?
1) Growth of tax loopholes and subsidies
Corporate tax breaks be-fore 1980
Corporate tax breaks today
9
5124 tax breaks cre-ated since 2001
Corporate income tax breaks have ballooned
What’s driving the decline?
1) Growth of tax loopholes and subsidies
2) Aggressive tax sheltering
3) Rise of new corporate forms exempt from corporate income taxes
Corporate property taxes have also fallen sharply
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198
199
199
199
199
199
200
200
200
200
200
201
201
42%
54%50%
40%
Business share of property taxes has declined
Households
Businesses
1982
-83
1984
-85
1986
-87
1988
-89
1990
-91
1992
-93
1994
-95
1996
-97
1998
-99
2000
-01
2002
-03
2004
-05
2006
-07
2008
-09
2010
-11
2012
-13
2014
-15
2.6%
1.2%Measure 5
Measure 50
Measures 5 and 50 slashed business property taxes
It’s no surprise then . . .
OregonConnecticut
MissouriNorth Carolina
IndianaMichigan
GeorgiaMaryland
UtahVirginia
LouisianaMassachusettsNew Hampshire
OhioTennessee
ArkansasColorado
NebraskaAlabama
CaliforniaDelaware
IdahoIowa
PennsylvaniaWisconsinMinnesota
South DakotaUnited States
KansasKentucky
OklahomaDistrict of Columbia
ArizonaSouth Carolina
TexasIll inois
New JerseyFlorida
Rhode Is landMontanaNevada
WashingtonNew York
West VirginiaHawaiiMaine
MississippiNew Mexico
WyomingVermont
AlaskaNorth Dakota
3.4%
4.6%
Oregon's business taxes tied for lowest
The way forward
1) Raise corporate taxes
2) Close tax loopholes and subsidies
3) Enact corporate tax disclosure
Thanks for joining us!
Questions?
Chuck: [email protected]: [email protected]
Juan Carlos: [email protected]