Washington income tax may help Oregon
- Written by Oregon Business Team
- Published in High Five
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Many people prefer to live and work in Washington (no income tax) and shop in Oregon (no sales tax) to save money, but Washington's Initiative 1098 could change that.
If the measure passes, wealthy Oregonians may think twice about migrating across the Columbia.
If Washington voters approve Initiative 1098, an income tax targeted at the state's highest earners, some say that bill would discourage small business owners and wealthy Oregonians from moving across the river.
The measure would tax individual income exceeding $200,000 and joint income above $400,000. Proponents say the tax would help maintain critical programs and services while providing tax breaks for the middle class. The money raised from the income tax would go to Washington schools and health care services. The bill also reduces small business and property taxes.
"It's unquestionably a dramatic change that could have an impact on the business climate in Oregon," says Bill Ahern, communications and policy director at The Tax Foundation, a non-partisan research center. "When a competitor gives themselves a self-inflicted wound, I guess you just wait and cheer."
Read more at OregonLive.com.
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