By Steve Buckstein
In May we told you about the income tax refund Oregon taxpayers may receive when you file your state income tax return in 2018. State economists now confirm that those refunds will be credited against your tax bill next year. Based on a percentage of the taxes you paid in 2016, they estimate the average refund will be about $227 while the median will be about $89.
Kicker Envy 2017
Individual Oregon income taxpayers may receive kicker refunds when they file their 2017 tax returns based on a percentage of the state income tax they paid in 2016. Based on the May revenue forecast, $408 million could be coming back to taxpayers, with the average refund being $210. A final determination of whether the kicker will “kick” and how big it will be should be announced on August 23.
But even before those potential refunds reduce our 2017 tax liability, some are questioning whose money it is, and others seem envious that the “rich” will get much bigger refunds than the rest of us. So, whether the kicker law is good or bad public policy, let’s think a little about who this money really belongs to. Is it a rebate for overpaying your taxes, or is it somehow “our” money that is better left in government coffers?
How the kicker works