Over the years, voters here have capped property taxes (saddling the state with two-thirds the cost of running the schools) and passed a constitutional amendment requiring rebates whenever tax receipts come in 2% over budget. Nine times they have been asked to OK a sales tax — and said no. Proposals to increase the state income tax? Down in flames twice.
But now the Legislature is taking a tack that analysts think could finally pull the rug out from under the tax revolt: soaking the rich.
It looks like Oregon corporations and high-income earners will pay higher state taxes as voters weighed in Tuesday on two hotly debated measures….Measure 66 raises the income tax paid by households earning at or above $250,000 a year or individual filers who make $125,000 or more. Measure 67 raises the state’s $10 minimum corporate income tax.
I await the immediate immolation of Oregon’s economy. That’s what happened to America after Clinton raised taxes on the rich, after all.