In Oregon, voters overturned an $800 million tax increase by a 60 percent to 40 percent margin. According to SBSC, the tax hike would have raised the business minimum tax 25-fold and would have included an income tax surcharge on small business taxpayers. In addition, business deductions - specifically business vehicle expensing - would have been removed for most small businesses.
In Virginia, the House Finance Committee rejected Governor Mark Warner's initiative to raise taxes that would have impacted small businesses, says SBSC. The committee also killed more than 30 separate bills that would have raised a variety of individual taxes. In addition, the committee voted to repeal Virginia's estate tax.
"Taxpayers understand that spending is the problem and the small business sector should not be punished for weak political leadership. I am hopeful that this voter trend, which has also played out in Alabama and California, is a sign that voters will reject federal candidates in November who wish to impose tax increases on small business owners," said SBSC Chair Karen Kerrigan.
Publication date: 02/16/2004