Portland's new "CEO" tax

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EL PRESIDENTE

Username Retired in Honor of Lanny.
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Goodbye Fortune 500 companies!

http://www.oregonlive.com/politics/index.ssf/2016/12/steve_novicks_ceo_tax_wins_clo.html

In a move that's drawn international headlines, Portland will launch a first-of-its-kind tax on public companies that pay their chief executives vastly more than they pay an average worker.

Portland City Council approved the controversial plan 3-1 Wednesday, making a statement about growing income disparity in the United States while giving Commissioner Steve Novick a legacy piece in his final weeks in City Hall.

The tax targets publicly traded companies whose chief executives report salaries at least 100 times higher than the salary of a median worker. Officials expect to raise $2.5 million a year starting in January 2018, with Novick hoping the money will help pay for homeless services.

"This is as close as I've ever (come) to a tax on inequality itself," said Novick, the first incumbent tossed from city council in 24 years after an upset loss to housing activist Chloe Eudaly last month.

Novick said he also hopes the tax might discourage companies -- well beyond Portland -- from paying disproportionate salaries to their CEOs. He cited French economist Thomas Piketty, who calls escalating pay for top executives a major cause of the consolidation of wealth among the world's top 1 percent of earners.

Under Novick's tax plan, a company with a CEO-to-worker ratio of at least 100-to-1 will pay a surcharge equal to 10 percent of the amount it pays for Portland's business tax. A company with a 250-to-1 ratio or greater would pay a 25 percent surcharge.

If a company ordinarily owes $1 million in taxes to Portland, it would have to pay an additional $100,000 or $250,000.

Novick estimates there are more than 500 publicly traded companies in Portland that will be subject to the tax.
 
Jesus fucking christ, what a travesty.
 
Wow!

Clackamas county will like this "progressive policymaking" by Portland.


Who elects these master minds?
 
Jesus. I am so glad I don't live in Portland. What an absolute clusterfuck.

If it's not rioting criminals looking for free shit, it's this nonsense. Shameful.
 
If these CEOs are smart enough to run Fortune 500 companies, they're smart enough to move to the 'burbs where the tax won't exist. Problem solved......
 
If these CEOs are smart enough to run Fortune 500 companies, they're smart enough to move to the 'burbs where the tax won't exist. Problem solved......

I don't think there actually are any Fortune 500 companies in Portland. If I remember correctly, Precision Castparts was the last one, and it got bought by Berkshire.

barfo
 
I don't think there actually are any Fortune 500 companies in Portland. If I remember correctly, Precision Castparts was the last one, and it got bought by Berkshire.

barfo

Well, thanks to this law, there likely never will be.

And doesn't Nike count? Or is it outside of Portland's limits?
 
I don't think there actually are any Fortune 500 companies in Portland. If I remember correctly, Precision Castparts was the last one, and it got bought by Berkshire.

barfo
I probably should have used green font. To use the currently popular term, why are some folks getting so butt hurt about a tax that will affect few if any taxpayers (and especially not those who are screaming the loudest)? Because they can? Because they're tired of gloating about Donny the Great and need something to bitch about? Go figure........
 
If these CEOs are smart enough to run Fortune 500 companies, they're smart enough to move to the 'burbs where the tax won't exist. Problem solved......

Wouldn't it include retail stores, such as Apple, Fast Food restaurants as well as banks, hospitals, healthcare companies, insurance companies and financial institutions?
 
Wouldn't it include retail stores, such as Apple, Fast Food restaurants as well as banks, hospitals, healthcare companies, insurance companies and financial institutions?

Read your own link, qualifying businesses will pay $100 to 250k more per year and it will raise $2.5 mill.

So apparently there are 10 to 25 businesses this will apply to.
 
Read your own link, qualifying businesses will pay $100 to 250k more per year and it will raise $2.5 mill.

So apparently there are 10 to 25 businesses this will apply to.

That was a hypothetical. If they pay $1m in taxes, they will pay an additional 100k-250k.

The next line:

"Novick estimates there are more than 500 publicly traded companies in Portland that will be subject to the tax."
 
Steve Novick, the city councilperson who got this passed, is the same rocket scientist who wanted to charge every household in Portland an average of $150 a year to pay for street repairs.

Our streets have gone to shit because the city of Portland decided to spend 25% of the money for road repairs we were getting on bicycle projects.

That went over like a giant lead balloon.

He has been voted out of office. Sucks he was able to cram this through on his way out the door.
 
I remember him for trying to fuck over Uber/Lyft.
 
Steve Novick, the city councilperson who got this passed, is the same rocket scientist who wanted to charge every household in Portland an average of $150 a year to pay for street repairs.

Our streets have gone to shit because the city of Portland decided to spend 25% of the money for road repairs we were getting on bicycle projects.

That went over like a giant lead balloon.

He has been voted out of office. Sucks he was able to cram this through on his way out the door.

Stupid is as stupid votes.
 
Steve Novick, the city councilperson who got this passed, is the same rocket scientist who wanted to charge every household in Portland an average of $150 a year to pay for street repairs.

Our streets have gone to shit because the city of Portland decided to spend 25% of the money for road repairs we were getting on bicycle projects.

That went over like a giant lead balloon.

He has been voted out of office. Sucks he was able to cram this through on his way out the door.

And now he wants to give the money to homeless bums, druggies and people who don't work. Because "Equality".

Because yeah....nothing says "Equality" like giving the earned money of a man or woman who works 16 hours a day running a company to someone who would rather spend their money on heroine and hoarding old shoes from the Willamette River.

I remember him for trying to fuck over Uber/Lyft.

My father loves Uber. Uses it all the time.

Stupid is as stupid votes.

Exactly. If you voted for this idiot, or people like him (remember Sam Adams?), then you are part of the problem, and you get no sympathy from me.

Man wtf happened to my home state? I'm never moving back.

The only way I'd move to Oregon is if it was a Red part of Oregon. I sure as hell wouldn't live in Portland. I did Security there in every corner of that city for most of my young adult life, including sleeping in my car on job sites, and that was about as close as I ever want to come to living in that city. There are places I've been to in that city that I wouldn't wish my worst enemy to live in.

I did Security for this lovely place in 2007:

http://www.cascadianterrace.com/

You couldn't PAY me to live there. Drug dealers/addicts, sex offenders, crazies, and just plain nasty people live there. Management used to post flyers on the bottom-floor windows, outside of the entrances, of people Wanted by the Police for everything from felony sex crimes to trespassing.

While I worked there, they had a massive cockroach outbreak, as well as a major mouse infestation. I even had a cockroach fall down the back of my uniform shirt one night when I opened a door into a stairwell. That was fun....lots of cursing and tearing my clothes off to get the bastard out. Not easy when you've got a bullet-proof vest and full duty-belt on.

In fact, management was even kind enough to post signs on the doors to the stairwells that read....no joke...."Folks, we have MICE, not RATS. Thank you for your cooperation."

No shit. I couldn't make that up if I tried.

Thanks Management. I feel SO much better now.....

On one of my off-nights, while another officer was working there, a transvestite got high, beat his/hers lover to death with a hammer, and then jumped out of a third floor window. He/she escaped on foot, and left tracks in the grass where he/she landed that were an inch deep.

Ah yes....Cascadian Terrace; call sign 12 Charles. You made me realize how much I hated my job.
 

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