Or the management/investors can take less profit.  That is a choice they could make.  If the workers are productive and earning more than the company is spending on them, management would be absolutely stupid to cut them loose.  If Christmas bonuses are necessary for retention efforts geared towards top performing employees, they will continue.

All of these doom-and-gloom-if-we-raise-taxes-one-cent scenarios are just a big steaming pile of conservative think tank nonsense.  Whether the Portland/Oregon government has the right priorities or spends wisely or efficiently is an entirely separate matter from what the effects of a particular tax rate might be for companies across the board.