SALEM — ‘Tax the wealthy’ was the rallying cry as state legislators took up the contentious task of raising personal income taxes to shore up government services.The House Revenue Committee opened hearings Friday on four proposals that would create a new 10 percent tax bracket for higher earners, create a new alternative minimum tax, and reduce the amount all individuals could deduct in federal income taxes from their state tax returns.
Obviously the thing to do is to position yourself in a way to avoid being punished for earning more that the average.
That means forget about investing. Pull your money out of the market as soon as you can and convert it to something tangible and portable that the government can’t easily find.
If you’re in business shut down. If you don’t want to shut down, cut back to the bare minimum. Try to use only family members if possible. If not, keep only your best, most reliable employees. Keep the earnings below the cutoff for “rich”. Remember, they’re not looking to tax “wealth” they’re wanting to tax income. Which is not the same thing.
If you’re in government, try to get a position in one of the essential services. Police, Fire, Ambulance, Jail or ODOT. Those are going to continue no matter what. If you have no useful skills try to get in the Social Services. Those are going to continue. But there will probably be cuts. Suck up the right person and you might miss the cut.
From all indications the American experiment in self governance is over.