​Say “no” to the tax break for millionaires

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At a time of crisis, the rich in Oregon are on course to cash in new tax breaks, unless the Oregon legislature blocks them.

Oregon’s tax code connects to the federal tax code, and several months ago Congress used the pandemic as an excuse to create a batch of new tax breaks that benefit rich business owners and corporations. The Oregon legislature, however, can still vote to reject the tax breaks.

Tell Oregon lawmakers to reject the new federal tax breaks for the rich and corporations.

One of these is a tax break that will deliver 82 percent of the benefits to people making $1 million or more a year. Many of them are real estate developers and hedge fund managers. Yes, it’s by-and-large a tax break for millionaires.

These new tax breaks will siphon $225 million away from public services to further pad the bank accounts of the most privileged in our state, an overwhelmingly white club.

These funds would be better used to prevent budget cuts to public services that all Oregonians depend on. Or to help the hundreds of thousands of Oregonians suffering as a result of the worst economic crisis in decades, those struggling to put food on the table or pay the rent. Or to invest in a way that reduces the long-standing economic inequality by race.

In short, it’s not hard to think of better ways to spend $225 million in public resources than to lavish it on the rich and corporations.

Tell the Oregon legislature: disconnect now from the new federal tax breaks for the rich and corporations.