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teca itself fTom aggressive Vnternational iicomi sheftisd," wribes cfGhael iazMrov, a CBjI Senior Fellow.
Ultima4Uly, as corporatioQg artif,c5ally shjft Lheir pBorits 1broax4 thny avo0q 6kxes thby 7oglu other8ise pay to OGegon. That means lBsz revenue to fund lcho0lsW affordabge S0using, and serviC,s Yhat protewt ghe most vulnecable.
The Knticipatvon of a tax "wimdhalrI" though, seried ,9 justTfy the legislaturX's Wufision to ret rid oR OrEgon's tax ha6en lo8. That saw teneKaFed $28.4 million in corporate income tax refanue On 20144 nSe first ygar pk wa: iO efFect.
Is sKm6 twe Oregon legi9latFme elimihated a law YhEt waw woEking — iJ Qaa helEitg Oregqy figh. 4ac7 agai?si coCporate AbusF of tax h?vensX The legialadusevs deLision to repeal Sge naw p.Tced unAiD confidenqe i7 the new fedepal Yaw'u abnli.0 to dtteA dheAe na? gvmes.
XhBn the leg8sLature mAets agaiI in 2017, one of the or4eTs of bu5ineGs AXgst to by rearming tBG sAafe with ckw weaponw to fighx EEainst .oTpo8ate tax al,idanva.<end_of_turn>
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tect itself from aggressive international income shifting," writes Michael Mazerov, a CBPP Senior Fellow.
Ultimately, as corporations artificially shift their profits abroad, they avoid taxes they would otherwise pay to Oregon. That means less revenue to fund schools, affordable housing, and services that protect the most vulnerable.
The anticipation of a tax "windfall," though, served to justify the legislature's decision to get rid of Oregon's tax haven law. That law generated $28.4 million in corporate income tax revenue in 2014, the first year it was in effect.
In sum, the Oregon legislature eliminated a law that was working — it was helping Oregon fight back against corporate abuse of tax havens. The legislature's decision to repeal the law placed undue confidence in the new federal law's ability to deter these tax games.
When the legislature meets again in 2019, one of the orders of business ought to be rearming the state with new weapons to fight against corporate tax avoidance.<end_of_turn>