Measure 66 and 67
Oregon’s current tax structure relies heavily on an unstable income tax in these uncertain times Oregon is attempting to switch to a more progressive approach taxing the wealthy by raising revenue from households making over $250,000 (and single people making over $125,000) {A couple making $260,000 in taxable income will pay an extra $180} this still creates a problem with wealthy earners reporting loses in income as well. Oregon also plans on increasing Corporate taxes .The modest increase still leaves Oregon with the lowest corporate taxes on the west coast, and among the lowest in the nation .Currently, two-thirds of corporations doing business in Oregon pay just $10 a year in state income taxes. 88% of Oregon Businesses will only pay $150.00 "excluding sole proprietors ,who pay no business taxes" .This will also increase the marginal tax rate on corporate profits above $250,000 by 1.3% (above $10 million in 2013) " A corporation making $260,000 in profit will pay an extra $130 in taxes "At the same time, the average Oregon family of four already pays $3100 in state taxes each year , 97.5% of Oregonians will NOT see a tax increase if measure 66 and 67 pass .
The Oregon Corporate Minimum tax has not been increased since 1931.$10 in 1931 would be equal to $140 in 2008 . A “Yes” vote will raise the Corporate Minimum tax to $150, preserving funds for social programs. A “NO” vote will keep it at $10.
Measures 66 & 67 will pay for teachers ,bus drivers, desperately needed health care for seniors children and families, student assistance - higher education ,public safety and other services .Provides a estimated $472 million to maintain current services . I personally do not want any new taxes but it it unfair for a business not to pay their share. This is a very minimal tax this will not cause businesses to fold or job loss.Why do I say this? because $150.00 is fair $500.00 is fair. I am not on the Oregon health Plan nor do I have children in school ,and I am not currently attending higher education. There is a huge need for this tax, at this time there is no other option to pay for these crucial services . This is why we need Republicans to do something and not just sit and complain .
* C corps Businesses making (GROSS) under 500k tax will be $150.00
Businesses making (GROSS) 500k to 1 million tax will be $500.00
Businesses making (GROSS)1 million to 2 million tax will be $1,000.00
Businesses making (GROSS)2 to 3 million tax will be $2,000.00
This is how the benefits will help or preserve our Jackson- Josephine- and Klamath counties
JACKSON COUNTY
Children in public schools: 28,367
People on the Oregon Health Plan: 23,480
Seniors and people with disabilities receiving long-term care (in-home, assisted living, nursing homes): 1,408
People who received an initial unemployment check in 2009: 12,704
Released criminal offenders under supervision: 684
Tax filers who make $250,000 or more (households) or $125,000 or more (individual filers): 1,728
JOSEPHINE COUNTY
Children in public schools: 11,136
People on the Oregon Health Plan: 12,017
Seniors and people with disabilities receiving long-term care (in-home, assisted living, nursing homes): 882
People who received an initial unemployment check in 2009: 4,486
Released criminal offenders under supervision: 319
KLAMATH COUNTY
Children in public schools: 10,094
People on the Oregon Health Plan: 9,238
Seniors and people with disabilities receiving long-term care (in-home, assisted living, nursing homes): 468
People who received an initial unemployment check in 2009: 3,921
Released criminal offenders under supervision: 280
Tax filers who make $250,000 or more (households) or $125,000 or more (individual filers): 348
Important details
- House Bill 3405 would>
- Increase the minimum tax for corporations from $10 to $150.
- Base the minimum tax for a business on its revenue, up to a $100,000 minimum for a business grossing $100 million or more.
- Increase the tax rate by .3% for income over $250,000.
- Increases filing fees by $50 for Oregon businesses, by $225 for out of the state business
- House Bill 2649 would >
- Raise marginal taxes to 10.8% on those making more than $125,000 as an individual (or $250,000 as a couple).
- Raise to 11% the tax rate for those making more than $250,000 as an individual (or $500,000 as a couple).
- This tax would end in 2013.
1 comment:
An individual that doesn't make a profit gets money back form the state. A corporation that looses money still must pay the minimum tax. This measure will put some small corporations out of business for good and there employees will then be out of work and unable to pay taxes. Not a good idea.
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