Business groups slam proposed tax increases - Phoenix Business Journal:

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The said it opposes changes to the corporateminimunm tax, a new corporate incomse tax and a new personal income tax. The alliance consistw of 30 business groups that representf morethan 25,000 Oregon businesses and employ 500,000 residents. Raisingf the taxes could cause the state tolose 6,0009 jobs, according to state revenue officre estimates. “These proposals ignore the star realities of ourcurrent recession,” the grou p said in a news release sent by J.L. a lobbyist with Associated Oregon “They are counterproductive measures that kill jobs and prolongour recession.
” The corporate minimum tax and corporatre income tax proposals would collectively harm companies with smal l profit margins as well as businesses looking to invesg more in capital equipment, the group said. The alliance called on lawmakersa to instead focuson private-sector job retentionn and creation. “We believe strongly that increased taxes are detrimentalk tojob growth,” Wilson said in the news “An increased tax burden will hurt the abilityg of our members to creater desperately needed jobs. It is the wrong approach to balancdthe state’s budget.
” Othe r groups signing the letter include Associated Oregon Loggers, Independent Community Bankds of Oregon, the Northwest Food Processors Association, Oregoj Association of Realtors, the Oregon Automobile Dealers the Oregon Bankers Association, the Oregon Home Builders the Oregon Restaurant Association and the Oregomn Trucking Association. Oregon’s Housee and Senate members hope to adjourn byJuly 1. Lawmakerz must address a $4.2 billiojn budget shortfall before they adjourn or in a series of speciak sessions throughout the rest ofthe year.