Well, I'll be damned. Yesterday Oregon voters raised income taxes - on households earning more than $250,000 (I think over $125,000 for an individual), increasing the minimum corporate tax (currently $10), and increasing corporate tax rates on higher level profits.
http://www.oregonlive.com/politics/index.ssf/2010/01/voters_pass_tax_measures_by_bi.html
The measure passed by a comfortable 54%. Passage of the two propositions will negate the need for the legislature to immediately slash state support for education, health care and other public services.
Oregonians cast their ballots by mail and turnout was expected to be around 60%.
I would like to think that the Oregon vote may be a harbinger of things to come... To my mind, the single greatest threat to this country's long-term economic health and political stability is the widening gap between the wealthy and the rest of us - the death by strangulation of the American Dream.
Indeed, the Oregonian published an excellent story on the dramatic increase in income inequality in Oregon just a week or so ago. While the story speaks only of Oregon, the same sad tale can be told in most states. I highly recommend the story.
http://www.oregonlive.com/business/index.ssf/2010/01/oregon_wage_gap_widens_economi.html
Today was the first day I have really enjoyed my morning news in weeks!
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