FOR IMMEDIATE RELEASE

March 30, 2009

Contact: Michael Cox (503) 986-1904

 

Republican Plan for the Economy: More Favors for the Wealthy

Republican bill to adjust capital gains tax would benefit mostly top earners

 

SALEM – The House Revenue Committee today heard a Republican proposal to adjust capitol gains taxes, which would overwhelmingly benefit the wealthiest Oregonians and take away funds that could be used for schools or healthcare.

 

HB 3268 would adjust the amount capital gain subject to taxation by accounting for inflation, but offers no such advantage for income earned through work.  Additionally, 80% of the benefits would go to those earning more than $200,000 a year.

 

“The problems we face cannot be solved by more tax breaks the wealthy – that is the policy that got us into the trouble we are in today,” said Rep. Phil Barnhart (D-Eugene), Chair of the House Revenue Committee.  “Instead we should bring all Oregonians together to share the responsibility of getting us through these tough times.”

 

House Democrats are committed to helping Oregonians struggling under the strain of the global economic crisis.  Democrats have already passed the “Go Oregon!” statewide economic stimulus and job creation plan, and are working to pass the remaining components of their Job Creation and Family Support Plan, which is aimed at providing jobs to rebuild our economy, protecting families facing tough times and preparing for a brighter future. 

 

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Republican Plan for the Economy: More Favors for the Wealthy