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|Archives - November 2009|
|Wednesday, October 21, 2009|
Oregonians will vote in January on two measures already passed by the Legislature that would increase taxes and raise $733 million over two years. A survey of other states’ taxes shows that while Oregon’s corporate income tax hike is far from radical, other changes make Oregon’s taxes look more extreme.
Corporate income tax: The measures keep the current rate — 6.6% of net income — for the first $250,000, but income over $250,000 will be taxed at 7.9% for the 2009 and 2010 tax years. That marginal rate drops to 7.6% for 2011 and 2012. Starting in 2013, income under $10 million will be taxed at 6.6% and income over $10 million will be taxed at 7.6%.
How’s it stack up? Oregon’s new tax rate is the 20th worst in the nation, according to the Tax Foundation, a nonpartisan nonprofit that collects data on tax policy. New Hampshire has the highest corporate income tax, at 8.5% on sales over $50,000. Fives states including Washington have no “corporate income tax,” but Washington has a tax on gross receipts called the “business and occupation tax” that ranges from .003% to .033%.
Individual income tax: One of the measures added a new bracket for income over $125,000 for individuals and $250,000 for households, to be taxed at 10.8%. Individual income over $250,000 and household income over $500,000 will be taxed at 11%. The 10.8% rate will drop to 9.9% in 2012.
How’s it stack up? The Tax Foundation ranked Oregon’s new personal income tax sixth worst in the nation. New York was worst with seven brackets maxing out at 8.97% on all income over $500,000. Alaska and Washington are two of the seven states with no personal income tax.
Corporate minimum tax: All businesses in Oregon were required to pay the state $10 in years when taxable income was zero or offset by tax credits. If the legislation survives, Oregon will go to a graduated minimum tax for C-corporations with 12 different rates, starting with $150 a year for companies with sales of less than $500,000 and maxing out at $100,000 a year for companies with sales of $100 million or more. The minimum tax for S-corporations and partnerships will be $150.
How’s it stack up? Sixteen states have a flat minimum corporate tax ranging from $10 in Louisiana to $800 in California; New York has a graduated tax that maxes out at $5,000, making Oregon’s new corporate minimum tax the most severe in the nation for companies with revenue in the millions.
Federal deductibility: Oregon’s federal tax deduction is capped at $5,850 for individuals making under $125,000 and households making under $250,000. Now the deduction is capped at graduated levels for individuals in the $125,000 to $145,000 range and households in the $250,000 to $290,000 range. Individuals making $145,000 or more and households making $290,000 or more cannot deduct for federal income tax.
How’s it stack up? Oregon is one of only six states that offer any deduction for federal income tax; only four do not cap the deduction.
Tuesday, April 01, 2014
BY APRIL STREETER | OB CONTRIBUTOR
Three years ago, PPS set out to begin to convert the 1930s-era boilers from diesel/bunker fuel to cleaner-burning natural gas. Oregon’s largest school district has realized impressive carbon dioxide emissions reductions, setting an example for public and private institutions.
Thursday, March 27, 2014
BY JESSICA RIDGWAY | OB WEB EDITOR
Watch this OB Original Video about three Oregon companies and how crowd-funding "kickstarted" their business ideas.
Tuesday, April 08, 2014
BY HANNAH WALLACE | OB BLOGGER
It may be obvious, but most farmers don’t make a lot of money. According to preliminary data from the 2012 Agriculture Census, 52% of America’s 2.1 million principal farm-operators don’t call farming their primary occupation. Farm cooperatives may offer a solution.
Thursday, March 20, 2014
BY JASON NORRIS | GUEST BLOGGER
I don’t think anyone can (or should) remember what it was like to get things done without the internet. This milestone in technology has certainly benefited brick-and-mortar companies and subsequently launched a new era of businesses.
Wednesday, April 02, 2014
A new report explores the impact of millennials on Oregon's business and political climate.
Tuesday, February 25, 2014
BY AMY MILSHTEIN
Kelly Dachtler, president of The Clymb, redefines outdoor retail.
Wednesday, April 23, 2014
BY CLIFF HOCKLEY | OB GUEST CONTRIBUTOR
Proposed regulations protect Portland’s strict zoning codes and hotel operators, but they may have an adverse effect on Airbnb’s business.
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Marketing the state brings new business, new jobs and a better quality of life for everyone.
Living in the beautiful Pacific Northwest means enjoying our wonderful surroundings, while remaining aware of the multiple types of natural disaster threats that we face: winter storms, windstorms, floods, landslides, earthquakes, volcanoes and tsunamis.“
Oregon State University's hospitality degree program invests in next-generation leaders.
On Saturday, April 26, more than 1,900 local Comcast employees and their families, friends and community partners will “make change happen” as they volunteer to improve schools and nonprofits in Oregon and Southwest Washington as part of Comcast’s 13th Comcast Cares Day.
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Samuel Hernandez, an Associate at Barran Liebman, is the recipient of a 2014 Oregon State Bar Litigation Section Rising Litigator Award.