RPC Joins Effort Opposed to Capital Gains Tax Increase
RPC has joined with other business & community groups to oppose Measure 26-238, the capital gains tax measure on the May ballot in Multnomah County.
As part of the Building Our Future Together coalition we invite you to join the effort to oppose this unnecessary and inefficient tax proposal. On May's ballot,
this measure, if passed will create another new tax - this time a .75% capital gains tax, with the stated goal of helping tenants who face eviction. The tax applies to ALL residents of Multnomah County, who already pay some of the highest in the nation.
A regressive and inefficient tax like this one is bad public policy. According to the Oregonian, "The measure does not exempt such common capital gains income such as the proceeds from primary home sales, retirement plan withdrawals or small businesses selling equipment." The Oregonian further points to an accounting firm analysis which "notes that seniors, sole proprietorships and people who would otherwise be exempt from federal and state income taxes would still be subject to the provisions of this capital gains tax."
This measure is the wrong tool & approach to help renters. According to Willamette Week, over half of the revenue collected may go to the county just for administration. While the objective of providing free legal support to tenants who are facing eviction is a noble one, these services already exist. Through existing taxes - like the homeless services tax, voters already support programs to assist renters. Multnomah County voters should take a hard look at Measure 26-238 and vote no.