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In this episode of The Heartland Institute’s weekly Budget & Tax News podcast, managing editor and research fellow Jesse Hathaway is joined by Cascade Policy Institute founder and senior policy analyst Steve Buckstein, to talk about Initiative Proposal 28 (IP 28), a ballot question being placed before Oregon voters in November.
The proposal, Buckstein says, will make Oregon one of the worst places in which to do business, because of the creation of a gross receipts tax. Instead of taxing consumption or profits, the gross receipts tax discourages economic activity by taxing the activity of providing goods and services desired by consumers.
Buckstein says consumers will bear the brunt of the new tax, as the new tax will trigger cost increases and job layoffs. Instead of increasing taxes and hiking the cost of doing business in Oregon, Buckstein says the key to putting Oregon on the path to prosperity is lower taxes, with broader bases and fewer loopholes and exemptions.