Taxes are going up for Oregon corporations and for individuals who make more than $125,000 a year or households that report more than $250,000 a year in earnings. Income over those amounts would be subject to a bracket of 10.8 percent, instead of 9 percent.
Single filers making more $250,000 and households earning more than $500,000 would pay an
11 percent tax . The other measure would increase the minimum tax paid by two-thirds of businesses incorporated in Oregon. Currently the corporate minimum tax is $10, and the bill contains a sliding scale that starts at $150 for Oregon sales up to $500,000, and tops
out at $100,000 for sales greater than $100 million. The bill also would require corporations with net incomes above $250,000 to pay a higher corporate tax rate of 7.9 percent instead of 6 percent.
Approved on Tuesday June,9,2009 by the Oregon House . The revenue is needed to protect state’s vital services from deeper cuts and would help pay for schools, public safety and human services programs ( senior health care and child care for low income individuals) over the next two years. The Oregon Legislature is preparing to cut these vital programs by $2 billion and tap into state reserves and federal stimulus dollars just to balance the budget.
link to bill 2649 (for individuals) link to bill 3405 ( for corporations)
Posted by Faith Hope And Politics June 2009
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