Sisters & brothers:
Save the Date!
Portland State Office Building Rally for a Fair Contract
June 30 (contract expiration date)
Noon - 1 PM, PSOB main entrance
800 NE Oregon Street
Join us for a rally, visit from Portland Rising, and an informational picket*
Stay tuned for additional details
Governor is asking us to take 10% to 20% pay cuts
SEIU 503 --sublocal OHA 219
AFSCME and other unions are invited to let the state know we are united
800 NE Oregon (near Lloyd Center off max)
I know you are supporting us, but please put on your calendar and let all your members know.
BREAKING: Big Business Lobbyists Trying to Pass Last-Minute Corporate Tax Break in Salem Oregon Senate Bill 817 gives 78 million to corporations and balances the budget on the middle class working folks.
I need 5 minutes of your time so we can beat back the lobbyists who have descended upon Salem in the last days of the legislative session.
We have just learned the Oregon Senate might vote TODAY on the creation of a new tax credit being pushed by an out-of-state venture capital firm. It could cost the state a whopping $78 million over five years. It would be FAR better to invest those millions on schools and healthcare!1
Tell your state senator to vote NO on this new corporate giveaway.
FOLLOW THE MONEY
This bill (SB 817) would create a state version of the New Market Tax Credit (NMTC). This lovely-sounding program is supposed to help fund economic development in low-income communities by providing investors with generous tax subsidies.
However, it is a Missouri-based venture capital finance firm called Advantage Capital Partners that has led the lobbying efforts in the Oregon legislature for the subsidy.2
Why would an out-of-state venture capital firm be leading the push for a tax break being sold as a tool to help low-income Oregon communities prosper?
Because, as Bloomberg News found, this tax break can be very lucrative for Wall Street firms. Their investigation discovered the NMTC being used for "more than 300 upscale projects, including hotels, condominiums, office buildings and a car museum, on streets far from poverty."3
We need you to tell your state senator to oppose another tax break for Wall Street.
We know legislators are eager to get out of Salem and enjoy the summer. But we need our elected officials to carefully examine who is really behind the push to divert millions on this new tax break.
All the best,
1."SB 817: Will Wall Street Score an End-of-Session Win?," Blue Oregon, June 20, 2011
link to www.blueoregon.com
3. "Rich Take From Poor as U.S. Subsidy Law Funds Luxury Hotels," Bloomberg Markets Magazine, February 7, 2011
link to www.bloomberg.com
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