By Taxpayers Association of Oregon Foundation,
Tech company Nvidia just scored the world’s first $4 trillion dollar market value this week.
During the same week, Oregon’s largest private employer, Intel has announced an extra 500 Oregon lay offs. This 500 lay offs are in addition to the 3,000 announced last fall.
Intel has made some market decisions that did work out. It shows that even the largest companies in America go through cycles of profit and loss, and they can become vulnerable in unexpected ways. This is why Oregon’s CAT tax (Corporate Activities tax) is so dangerous because it taxes companies even when they are not making a profit.
As Intel has been hurting, Oregon has been making life more hostile to businesses. Property taxes have been going up. Utility costs have risen 40%. The Oregon gas tax went up 5% last year. METRO passed a mammoth income and business tax. Crime has gone up. Oregon’s minimum wage is 40% higher than the national average. Kotek just passed a bill letting workers who leave their job to strike get unemployment benefits. No wonder Intel decided to build their next plant in another state.
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Author: In the news
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