Taxpayer Association: Hearing on four income tax bills today

Taxpayer Association of Oregon Alert:

House panel scheduled to take up four income tax bills. Hold on to your wallet because trouble is breweing.

HB 2077 reduces what a Oregon Taxpayer can deduct from Federal taxable income, from present allowable $5500 to proposed $3000.

HB 2078 (New tax bracket proposed)increases personal income tax rate on taxpayers with taxable income above $150,000 and they will be taxed $13,360 plus 10% of the amount over $150,000.
HB 2649 (New tax code proposed) will require a taxpayer whose federal adjusted gross income exceeds $125,000, or, if married filing jointly, exceeds $250,000, shall pay the greater of: (1) The tax that is otherwise due under this chapter; or (2) Seven and one-half percent of the taxpayers Oregon adjusted gross income.

HB 2651 (New tax bracket proposed) increases personal income tax rate on taxpayers with taxable income above $125,000 and they will be taxed $11,110 plus 10% of the amount over $125,000.

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Posted by at 05:55 | Posted in Measure 37 | 6 Comments |Email This Post Email This Post |Print This Post Print This Post
  • Sagano

    Ouch!

  • Rupert in Springfield

    Actually I think this is probably a good idea. The more quickly we can look like a third world country rather than simply an under performing state the more rapidly someone might take notice and send us aid.

    Is it possible for a US state to get foreign aid from the US government? I’m talking about those CARE sacks of beans and flour being dropped from planes into some of our more desperate regions. Will Sally Fields do a commercial for us? What about the UN?

  • sybella

    May not be able to get blood out of a turnip, but they’re sure going for the turnip juice.

  • Wayne Brady

    First the State rejected the only part of the stimulus bill that was stimulus (tax breaks) and now they are digging us into a deeper hole with more taxes. Idaho will probably benefit from this. Oregon certainly will not.

  • spam i am

    Eeek. Increasing taxes on those who can afford to pay more. Un-American. I would squeeze more out of poor people or close their schools down.

  • Bob Clark

    The return of the welfare state both nationally and state wide. Geez, it worked so well with LBJ’s Great Society in the 1960s and into the 70s. It helped spawn high inflation and real economic stagnation. And more recently, it is showing such great success in California where the more productive folks are fleeing the state for the last 10 years. Yes we should want Oregon to become downward-spiraling-California.

    Instead of increasing taxes, I would move the state to become more entrepreneurial. One idea is to use some of the old gold dust left behind in Oregon’s gold mines, and mint a state gold coin made partly with Oregon gold dust. Another is to create a state enterprise to manage state forests into financially self sustaining, turning out wood supplies for renewable co-generation. Not unlike what Senator Wyden has start advocating of late. Another would be to revamp the state’s land use managment. The state would provide a broad framework for counties to develop land, and the counties would have control in developing their land within the context of this framework. Maybe have a sunset clause when this arrangement would expire so as to temper against over development.

    There’s a bunch of ways the state can raise money through promoting business while balancing enviromental concerns.

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