An Oregon House panel is considering a plan to raise $275 million by limiting tax breaks to higher-income families and businesses.
Among the elements of the plan is a proposed cap on tax deductions by households with incomes greater than $125,000 for single filers and $250,000 for joint returns. They also may see their personal tax credit phase out.
The plan also proposes removing the cap on the corporate minimum tax for some businesses and an end to a tax break for businesses moving money to offshore “tax havens,” where there is little or no tax.
Read more at The Statesman Journal.