Taxes

Oregon economists said Wednesday that state revenues grew far more rapidly than expected over the past three months, which means taxpayers could be in line for a record kicker.

A variety of items will be tax-free in the state over coming months. The move comes as Americans are facing soaring inflation and high gas prices.

President Joe Biden intends to propose a minimum tax of 20% on households worth more than $100 million and cut projected budget deficits by more than $1 trillion over the next decade.

A judge has overturned a new capital gains tax on high profit stocks, bonds and other assets that was approved by the Washington Legislature last year, ruling that it is an unconstitutional tax on income. The state says it will appeal the case to the state supreme court.

The IRS sys it will stop using facial recognition technology to authenticate people who create online accounts after the practice came under criticism from privacy advocates and lawmakers.

Once signed into law, the measure is certain to face a legal challenge from opponents who say the measure is a tax on income that violates the state constitution.

The latest forecast from state economists show tax revenues are expected to come in far higher than anticipated.

Oregon’s tobacco tax increased on Friday. That’s the result of a measure approved by voters in November.

Measure 108 would impose a new tax on e-cigarettes and add $2 to the price of a pack of cigarettes.

The governor confirmed on Saturday in an interview with OPB that she is working with the two divergent groups “about a number of issues, including initiatives that may or may not be on the ballot.”