Portland observer. (Portland, Or.) 1970-current, January 02, 2019, Image 13

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Portland observer., January 02, 2019, Page Page 13, Image 13

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Newspaper Page TextJanuary 2, 2019 Page 13 O PINION MCS Still in Business Martin Cleaning Service Carpet & Upholstery Cleaning Residential & Commercial Services Minimum Service CHG. $50.00 A small distance/travel charge may be applied CARPET CLEANING 2 Cleaning Areas or more $30.00 each Area Pre-Spray Traffic Areas (Includes: 1 small Hallway) 1 Cleaning Area (only) $50.00 Includes Pre-Spray Traffic Area and Hallway Stairs (12-16 stairs - With Other Services) : $30.00 Heavily Soiled Area: $10.00 each area (Requiring Pre-Spray) Offshore Corporate Tax Avoidance Adds Up Clamp down could net $376 million d aniel h auSer and J uan c arloS o rdóñez Large multinational corpora- tions would have a harder time shielding their profits from Ore- gon taxes if the state reinstated a law it discarded in the 1980s. According to a new report by the Oregon Center for Public Policy (OCPP), by once again requiring the complete report- ing of corporate profits, Oregon could net an additional $376 mil- lion in revenue. Large corporations have min- imized their Oregon tax bill for years by hiding profits over- seas. This has pulled hundreds of millions of dollars from Ore- gon schools. Complete reporting would make corporations come clean about all of their profits taxable in Oregon. Due in part to offshore tax avoidance, the corporate in- come tax today makes up a much smaller fraction of all income taxes collected by the state than by it did four decades ago. Offshore tax avoidance in- volves shifting profits from the place they were earned to a place that levies little or no taxes on corporate income, said Hauser. Because this strategy requires having subsidiaries in different jurisdictions, it is large, multina- tional corporations that employ it. Under current law, Oregon only gets to tax a corporation’s share of U.S. profits attributed to Oregon, even if those profits have been reduced by the corpo- ration’s artificial shifting of prof- its abroad. But with complete reporting — which Oregon followed until 1984 — Oregon would tax the share of a multinational corpo- ration’s global profits equal to the share of that corporation’s sales in the state. For example, if Oregon accounted for 5 percent of a multinational corporation’s global sales, Oregon would tax 5 percent of the company’s global profits. The Oregon Center for Public Policy estimated complete re- porting would result in Oregon collecting about $376 million per budget period. This is a con- servative estimate. Ultimately, the tax would be paid by the shareholders of these large multinational corporations. The report estimated 89 percent of the tax would be paid by for- eign and out-of-state investors. Of the tax paid in Oregon, the richest 1 percent would pay a few hundred dollars more each year, while the bottom 80 per- cent would pay next to nothing. Reinstating complete reporting ought to be a priority for an Or- egon Legislature that is looking to find a way to better fund our schools and essential services. Making large multinational cor- porations pay their fair share is common sense. Daniel Hauser is policy an- alyst and Juan Carlos Ordóñez is communications director for the Oregon Center for Public Policy. Area/Oriental Rug Cleaning Regular Area Rugs $25.00 Minimum Wool Oriental Rugs $40.00 Minimum UPHOLSTERY CLEANING Sofa: $70.00 Loveseat: $50.00 Sectional: $110 - $140 Chair or Recliner: $25.00 - $50.00 Throw Pillows (With Other Services) : $5.00 ADDITIONAL SERVICES • Auto/Boat/RV Cleaning • Deodorizing & Pet Odor Treatment • Spot & Stain Removal Service • Scotchguard Protection • Minor Water Damage Services Call for Appointment (503) 281-3949