TFOC News Update: Tax Victories in Oregon

Oregon, like so many states in the recession, was facing difficult and painful cuts in order to balance their budget – until the recent, and historic, vote that took place on Tuesday.

Oregonians voted in favor of Measures 66 and 67, which passed at 54% and 53% respectively. These measures call for modest income tax increases on the wealthiest 3% of Oregonians, and establish a $150 minimum tax for most businesses, raise the tax rate on some corporate profits by 1.3 percentage points, and increase certain business filing fees.

According to an article by David Steves, Oregon had not voted to approve general tax increases since 1930. So why are they voting in favor now? Some speculate the change of heart is due to the fact that these tax measures only affect those most able to pay – both at the individual level and in terms of large corporations. Most Oregon residents and businesses will not be affected.

Though anti-tax opponents are still spouting messages of doom for Oregon, the taxes are estimated to bring in over $700 million that will protect vital public services. This revenue saves schools from a 5% across-the-board decrease in state funding, and prevents drastic cuts in state-fiunded medical coverage, public safety and human services.

UFE commends the voters of Oregon, Vote Yes for Oregon, and TFOC members, Tax Fairness Oregon and Our Oregon, for their contributions to this historic victory.

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