Taxpayer Association: Hearing on four income tax bills today

By In the news
In: Measure 37
Friday February 27, 2009

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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