A Tax Cut That Bleeds Revenue and Penalizes Work

In eras past, doctors routinely bled patients in an effort to cure them. Fortunately, the medical profession eventually recognized that bloodletting actually made patients worse.

In the field of economic policy, however, an idea akin to bloodletting retains faithful adherents. That misguided idea argues that cutting the income tax on capital gains creates jobs and prosperity.

For the good of Oregonians, let's hope that the 2011 legislature ignores the bloodletting call. Cutting the income tax on capital gains, as some in the business community are lobbying for, would not create jobs. Rather, it would bleed state revenue that pays for education, health care and public safety — structures that are essential for a good business climate.

Read the CenterPoints column A Tax Cut That Bleeds Revenue and Penalizes Work.