Home Back Issues December 2010 Wyden pushes for bipartisan tax reform

Wyden pushes for bipartisan tax reform

| Print |  Email
Articles - December 2010
Wednesday, November 17, 2010
1210_ATS08
Wyden: "It's the first bipartisan tax bill in 25 years."
Intel had just announced in late October that it would invest billions of dollars and create thousands of jobs in Oregon, and Sen. Ron Wyden was beaming. His tie was Intel blue, his re-election campaign was gaining momentum (he would end up winning comfortably) and he was full of praise for Ronald Reagan.

That’s right, Reagan. Wyden, the Democratic Senator who supports gun control and universal health care, wasted little time after offering his exuberant thanks to Intel to point out that under his Reagan-inspired bipartisan tax bill major employers such as Intel would pay significantly less in corporate taxes. In fact, he had the exact figure on the tip of his tongue: Intel’s federal tax bill would drop from $30 million to $24 million under Senate Bill 3018, the Bipartisan Tax Fairness and Simplification Act of 2010.

“It’s the first bipartisan tax bill in 25 years,” he said. “And it will make American companies more competitive.”

Wyden co-wrote SB 3018 with Republican Sen. Judd Gregg of New Hampshire, a fiscal conservative who was President Obama’s first choice for Commerce Secretary but turned down the job. The bill would simplify the tax code by eliminating special-interest tax breaks, reducing the number of tax brackets from six to three and establishing a flat 24% corporate tax rate (thus the projected savings for Intel). It would also allow businesses with gross receipts of under $1 million to expense all equipment and inventory costs in a single tax year.

Wyden said he drew his inspiration from the Tax Reform Act of 1986 backed by former President Reagan and Democrats Dick Gephart and Bill Bradley, who cleaned a slew of tax breaks out of the code, only to have them replaced by thousands of new ones over the past quarter century. Given that tax breaks cost the federal government more than a trillion dollars per year in revenue, Wyden and Gregg argue that it is time to wipe the slate blank once again.

Their bill was first introduced in February with support ranging as far to the right as David Keene of the American Conservative Union and as far left as Portland activist Steve Novick. But bipartisan ideas didn’t get far in the months leading up to the November elections.

Now that the balance of power is more even, the bill is gaining support. Obama’s bipartisan deficit commission is taking a close look at tax reform, but it won’t be easy. Every tax break has its backers.

BEN JACKLET
 

Comments   

 
dum o crat
0 #1 big guys cuts out little guydum o crat 2010-12-02 11:47:50
The quote that the corporate tax cut helps the corporation be more competitive is not correct. The cut allows big corporations as the Intel example shows to have more money to cut out small business and kept out domestic start ups from being competitors.
It is more of the top get rich stuff just as the high salaries pay only 30% instead of the 50-70 % before that was cut a few decades ago.
Soon economics will see that taking money and allowing only a few to have the most is why America has lost its power and base as a country of equality based on making sure the middle is bigger and has more wealth to spend than the other two ends the top and bottom. Wyden is a turn coat to the average business and citizen who really elected him.
Simply where does that tax cut for Intel get replaced to cover the budget it comes out of??
Thank you Mr Wyden you do not stand up to ending the Bush tax cuts for the rich and now you extend more tax cuts to richer corporations.
Possibly Intel decided to stay here and build because the quality of life in Oregon makes more sense than building elsewhere and not the tax cut you are bragging about offering.
So keep the tax where it is so that the federal funds to oregon not Intel are protected.

I am not a dum-o-crat Mr Wyden...
Quote | Report to administrator
 

More Articles

Wheel man

March 2014
Tuesday, February 25, 2014
BY LINDA BAKER

Les Schwab has put a premium on customer service since 1952, when legendary namesake Les Schwab founded the company with one store in Prineville. (Schwab died in 2007.) But if the corporate principles remain essentially the same, the world around this iconic Oregon business has changed dramatically.


Read more...

Fuel's gold

March 2014
Tuesday, February 25, 2014
BY SOPHIA BENNETT

The coastal town of Coos Bay appears poised to land every economic development director’s dream: a single employer that will bring hundreds of family-wage jobs and millions in tax revenue. 


Read more...

Workplace benefits

March 2014
Tuesday, February 25, 2014

Health care and vacations rule. That’s the consensus from our reader poll on workplace benefits that help retain and recruit employees.


Read more...

Revolution in print, pixels and passion

News
Tuesday, March 11, 2014
RyanFrankNewsBY MARK BLAINE | OB BLOGGER

The publisher of the Emerald Media Group moves on, leaving a cutting edge media group that depends on business acumen for its survival.


Read more...

Making faces

News
Thursday, February 20, 2014
02.20.14 Thumbnail ModelsBY VIVIAN MCINERNY | OB BLOGGER

As retailers consolidate and newspapers fold, the business of modeling shifts to ad agencies, apparel companies and new media.


Read more...

100 Best Companies to Work for in Oregon [VIDEO]

News
Monday, March 03, 2014

Screen shot 2014-03-03 at 11.26.47 AM

Check out interviews with employees from some of the 100 Best Companies to Work For in Oregon winners and find out what makes their company a great place to work.


Read more...

The 2014 100 Best Companies to Work for in Oregon

News
Friday, February 28, 2014

100best14logo ThumbnailThe 21st annual 100 Best Companies to Work For in Oregon list was announced Thursday night at an awards dinner at the Oregon Convention Center.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS