Tax increases on oil companies, soda pop, income and parcels failedin June.
Oil tax loses in Congress
At the federal level, Senator Bernie Sanders, an Independent Senator from Vermont, led the unsuccessful Congressional effort to pass legislation to repeal oil tax breaks. Senator Sanders argued that big oil companies make billions in profits and do not deserve the tax breaks at a time when the nation faces a record-breaking $13 trillion in national debt and an unsustainable federal deficit. The successful opponents to the legislation argued that removing the breaks for oil and gas drilling would hurt small producers as well as big oil companies. Read more…
Oregon Provides Compensation for Lost Wages
By Oregon tax News,
Oregon is one of a few states that dedicates funds, paid by Oregon employers, to cover unpaid wages when a company fails and does not have money for payroll. Last year, the average payout was about $1,048 per worker. The fund pays amounts equal to unpaid wages up to a maximum of $4,000. Several incidents in the mid-1980s, when employees of distressed companies learned that banks were ahead of them in collecting debts, led to legislation that established a fund to protect workers. Since its inception, Oregon’s Wage Security Fund has paid more than $16 million in benefits to more than 16,000 workers. Read more…
The IRS Takes the Thrill Out of Gambling
By Oregon Tax News,
Thanks to the IRS, successful gamblers may become losers. Those gamblers who win $600 from racetracks and state lotteries, $1,200 or more from slots or bingo, $1,500 from keno, or $5,000 from poker will receive a Form W-2G from the IRS to report their winnings. Federal tax law acknowledges wins as income but only acknowledges losses in relation to the wins in the same year. For example, if a person wins $10,000 this year and loses $9,000 next year, his two-year total of taxable gambling income is going to be $10,000, not $1,000. Individuals who win $10,000 at poker in June, lose $10,000 in July could wind up significantly boosting their taxes. Read more…
Gun Industry Faces Decreased Growth
By Oregon Tax News
As industry revenue levels recede this year, potential for modest growth in gun and ammunition sales through 2015 may still exist. The National Rifle Association (NRA) held its annual meeting in May in Charlotte, North Carolina. The general theme outlined the decline in gun sales despite the recent trend of ‘friendliness’ toward gun owners.
Gun and ammunition sales grew 8.9 percent in 2009 to $10.4 billion, reports research firm IBISWorld. Although, a good portion of that growth came from huge military ammunition buys to supply troops in Iraq and Afghanistan. However, many NRA activists argue that the recent surge in gun and ammunition sales reflect consumer fear that the Obama administration would restrict sales. This year, the anxiety over gun control is easing, and industry will experience a 5.7 percent revenue decline according to IBISWorld, a national research firm.