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- A tumblr site dedicated to the people and places that make up Oregon and Southwest Washington.
Oregon taxes the income of wealthy individuals at 9%, yet we have many unmet needs in funding education, healthcare, and providing adequate public services, just to name a few. Lawmakers should go beyond just considering reducing spending levels and, as was done in the early 80's under Governor Vic Atiyeh, create a fairer tax system that asks the wealthiest individuals to invest in Oregon's future, by establishing a 10% tax bracket on incomes greater than $250k (joint).
The top 1% (earning $308k or more annually) have an effective 6.1% tax rate (state, excise, property, income, less Federal Deduction offset) while middle-class Oregonians ($27k - $71k) pay 8%, with lowest 20% wage earners paying at a 9.4% tax rate, according to The Institute on Taxation and Economic Policy. A 10% tax bracket would more even the playing field for all Oregonians.
Large "C' corporations depend upon and use state services just as individual Oregonians and small "S" corporations do, and in some instances, at a greater frequency and cost. However, two-thirds of these same large corporations, many headquartered out-of-state, with a multi-state footprint, pay a $10 minimum annual corp tax, thus burdening average Oregonians and small business owners to make up the difference. It wasn't long ago that business tax revenues represented 16% of total state tax revenues. Now that percent is 6%. It's time that we ask that these large companies pay their fair share, with (1) a substantial increase in the minimum tax and; (2) a tax at the same rate (5,7, and 9%) that individuals and small businesses pay.
posted 4 years, 1 month ago
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