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1 Kail Padgitt & Joseph Henchman, Oregon Referendum Could Reinstate Higher Income Tax Rates 1 (2010)

handle is hein.taxfoundation/ffcagxz0001 and id is 1 raw text is: FOUNDATION January 7, 2010 No. 206 FISCAL FACT Oregon Referendum Could Reinstate Higher Income Tax Rates By Kail Padgitt and Joseph Henchman Introduction On January 26, 2010, Oregon residents will be deciding whether to approve or reject some of the state's tax increases passed in 2009. Measure 66 will enact two new individual income tax brackets (with rates at 10.8 percent and 11 percent), and Measure 67 will increase corporate income taxes. If Measure 66 passes, the new 11 percent income state tax rate will combine with local income taxes to give high-income Oregonians the highest state tax bill in the nation. Hawaii is the only other state with an 11 percent rate on the books, but there are no local income taxes there. The new, higher rates would go into effect retroactively to January 1, 2009; if the measure fails, the individual income tax increase is cancelled. Similarly, if Measure 67 passes, the corporate income tax increase will go into effect retroactively to January 1, 2009; if it fails, the corporate income tax increase is cancelled. This report reviews how the results of the January 26 referendum would affect Oregon's State Business Tax Climate Index ranking. Tax Increases Dropped Oregon Out of Top Ten on Ranking of Most Business- Friendly States One of the major stories from our State Business Tax Climate Index this year was the fall of Oregon out of the top ten due to the tax increases in H.B. 2649. Oregon had consistently scored as one of the ten most business-friendly states in terms of tax climate, but the enactment of the tax increases led to its drop from 8th place in FY 2009 to 14tlh place in 2010. Prior to the increases, Oregon's individual income tax consists of three brackets: 5 percent on taxable income between $0 and $3,050; 7 percent between $3,050 and $7,600; and 9 percent over Kail Padgitt, Ph.D. is Staff Economist and Joseph Henchman is Tax Counsel and Director of State Projects at the Tax Foundation

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