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Senate OKs tax hikes

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High Five
Thursday, June 11, 2009

The Senate has approved both tax bills on strict party line votes.

On Wednesday, the effort to approve higher taxes on corporations and upper-income taxpayers failed when a single Democrat, Sen. Mark Hass, of Beaverton, broke ranks and opposed it.

Hass sided with business lobbyists who want the corporate tax increases to be temporary. His rejection prompted a rare meltdown in a session that had been tightly controlled by Democratic leaders. But Hass, according to sources, has agreed to support the new taxes as long as they're diverted into the state's rainy day fund after 2013.

The idea for the diversion came from another Beaverton Democrat, Rep. Tobias Read.

Read more in the Oregonian.

 

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Taxed-to-Death
0 #1 TaxesTaxed-to-Death 2009-06-11 16:41:06
•Alternative minimum tax for C-Corporations from $150 for companies with Oregon sales of $500,000 or less, up to a maximum of $100,000 for companies with Oregon sales of more than $100 million.
•Increased income tax for corporations with net income over $250,000 to 7.9% in 2009 and 2010, declining to 7.6% for 2011 and 2012. Permanently increase the corporate income tax to 7.6% for companies with net income over $10 million.
•Increase S-Corp filing fee to $150.
•Increase state filing fee for all other corporations to between $50 and $275.
•Permanently increase income tax to 10.8% for individuals with incomes above $150,000 and households above $250,000 and to 11% for individuals with income over $250,000 and households over $500,000.

This information is from the Portland Business Alliance.

We need to make cuts in education and cuts in spending. Everyone gets nervous when you say cuts in education, but no school ever succeeded in getting better test scores by increasing the budgets. In truth, the highest budgeted schools in the state have the lowest test scores.
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