The Oregon Legislature released a $275 million tax increase plan that would fall on the top 5% of taxpaying households.
75% of the increase would come from single Oregonians with incomes over $125,000 or couples with earnings over $250,000.
The other new revenues would come from removing the cap on state corporate taxes for roughly 235 companies with annual Oregon-based sales exceeding $100 million, and requiring conglomerates with headquarters in “tax havens” to pay state taxes on profits derived from Oregon sales.
Democrats argue that the tax increases are needed, along with their cost-curbing proposal for public employee pensions, to equitably achieve their goal of state government spending $6.75 billion on K-12 schools over the next two years.
Read more at The Register-Guard.