Capital Gains and Political Games | The Wandering Eye

Coverage for Central Oregon, by Central Oregonians.
100% Local. No Paywalls.

Every day, the Source publishes a mix of locally reported stories on our website, keeping you up to date on developments in news, food, music and the arts. We’re committed to covering this city where we live, this city that we love, and we hear regularly from readers who appreciate our ability to put breaking news in context.

The Source has been a free publication for its 22 years. It has been free as a print version and continued that way when we began to publish online, on social media and through our newsletters.

But, as most of our readers know, times are different for local journalism. Tech giants are hoovering up small businesses and small-business advertising—which has been the staple for locally owned media. Without these resources, journalism struggles to bring coverage of community news, arts and entertainment that social media cannot deliver.

Please consider becoming a supporter of locally owned journalism through our Source Insider program. Learn more about our program’s benefits by clicking through today.

Support Us Here

Wednesday, May 5, 2010

Capital Gains and Political Games

Posted By on Wed, May 5, 2010 at 6:33 PM

Cutting the capital gains tax – or, better yet, eliminating it – has been a cherished goal of Republican politicians for decades. Now John Kitzhaber, the once and maybe future governor of Oregon, is embracing it – but with a twist.

Kitzhaber, the leading Democratic candidate for governor, told The Associated Press he’s toying with the idea of deferring capital gains taxes provided the money is reinvested in enterprises that create Oregon jobs.

Kitzhaber conceded that such a step would reduce revenue in the short run, but said it “may gain you significant resources if it produces jobs.”

At 9% Oregon has one of the highest capital gains tax rates in the nation, and Kitzhaber said that encourages people with a lot of income from capital gains to establish residences outside of the state.

The tax proposal “shows that as voting in the May 18 primary gets under way, Kitzhaber” – who polls show is far ahead of Democratic rival Bill Bradbury – “is increasingly looking toward the fall election and a debate about how to create jobs.”

One of the two main contenders for the Republican nomination, businessman Allen Alley, has called for eliminating Oregon’s capital gains tax. His rival, former NBA player Chris Dudley, wants to reduce it.

Bradbury opposes any reduction in the capital gains tax. “This is the type of tax cuts for the rich we saw enacted by the Bush administration that led us from a record surplus to the worst economic recession since the Great Depression,” he said in a statement. “The evidence is very clear on this point – cutting taxes for the rich does not spur job creation.”

One thing seems sure: Whoever gets elected governor, he’s going to have a hard time making any kind of tax cut pencil out in the face of the huge budget shortfall the state’s likely to see.

Pin It


Showing 1-1 of 1

Add a comment

Subscribe to this thread:
Showing 1-1 of 1

Add a comment

Newsletter Signup

Get Central Oregon daily news
directly in your inbox

More by The Source Staff

Latest in The Wandering Eye

  • Moonshine Magic in Bend Still on the Down Low

    • Aug 9, 2012
    Get ready for our great close-up on the home distilling community out next week in our "Best of" issue. We interviewed a mixed bag of legal and anarchist distillers in Bend to find out why distilling is so very, very against the law in one's home. More »
  • The Eye Wanders Off Into the Sunset

    • Dec 26, 2010
    I’m really sorry to break the bad news to them during this season of peace and goodwill, but after this week the right-wingers in Bend and vicinity won’t have The Wandering Eye to kick around anymore. The decision to stop writing this blog was my own, and it was prompted by several factors. More »
  • DADT, Gay-Bashing and the "Icky-ness" Factor

    • Dec 19, 2010
    For the past week or so, “Zeo” of the NW Republican blog has had his jock strap in a knot over the prospect of Congress repealing the military’s “Don’t Ask Don’t Tell” rule. To hear Zeo tell it, if DADT is repealed and gays are allowed to serve openly in the US military it will mean the end not only of our armed forces but of America, its economic system and civilization in general. More »
  • More »

© 2020 LAY IT OUT INC | 704 NW GEORGIA AVE, BEND, OREGON 97703  |   Privacy Policy

Website powered by Foundation