Benefits of Oregonian Businesses
People prefer to live in places where living costs are low. This is because with the rising costs of items, people want to reduce on costs. Oregon is one of the places believed to favor both people and businesses. There is no sales tax charged on items being sold in this region. This area is therefore envied by people living in the surrounding states. People thus consider Oregon to be a good place for businesses. This type of system is admirable for other states and most look forward to adapting it.
Elimination of the sales tax makes it easy for businesses to reduce on costs. Sales tax normally consumes a lot of money forcing businesses to increase the prices of their items. Items are made more affordable when the sales tax is eliminated as businesses get to spend less on production. Oregon thus has cheaper items compared to other regions. This has worked well in enabling small businesses coming up to be established. Compared to other regions, businesses in Oregon thrive well.
Businesses in Oregon also have tax incentive programs that are beneficial to them. They are taught on how to improve their tax systems in these programs. These aim at reducing on the amount of taxes businesses pay and increasing their involvement in community projects. The state therefore strives at placing social responsibility in the hands of businesses. They are therefore made more responsible to the society. It also helps in giving a sense of independence to the businesses as there is no constant follow up on them. The other types of tax are also charged at very low rates. Businesses can apply to get exemptions from these taxes. The growth of industries is thus stimulated.
The tax systems in this region are as well a bit lenient. Businesses can be allowed to operate freely without paying tax for a certain period of time. This is especially if the business is starting up and has still not generated the threshold income indicated. Businesses therefore have time to focus on their growth. The business gets to improve on its performance as the money they would otherwise use for tax is put back into the business. Businesses also acquire more freedom of operation and are not constantly interfered with by authorities.
Other states need to adapt the Oregonian tax system. This is because through it, businesses have gained equal opportunities for growth. Businesses operating in Oregon and have branches elsewhere are also allowed to have the tax exemption in their branches. Elimination of the sales tax has proven to work well in ensuring that businesses diversify and focus on important aspects of their development. To enable expansion of industries and boost growth of businesses, states surrounding Oregon have to adapt removal of sales tax. This is one of the steps towards achieving free trade.