Higher Taxes for the Rich and the Corporations

Two measures in the state of Oregon was passed Tuesday, January 26, raising the imposed taxes for businesses and wealthy people.oregon-map

Measure 66 will raise the taxes for individuals earning 125,000 dollars and couples or households earning 250,000 dollars. Measure 67 sets higher minimum taxes on corporations and increases the tax rate on upper-level profits.

Yes votes for measure 66 is at 54.1% while yes votes for measure 67 is at 53.6%.

The new taxes are a surprise as the state have limited property taxes, rejected sales taxes and vetoed across-the-board income taxes since 1990. The state believed the measures will help the state budget, which threatens to close schools early, lay-off teachers and cut down healthcare benefits unless it gets increased. A projected 700 million dollars is expected to be generated by the state.

Of course, businesses tried to block the measure, arguing that it would drive away entrepreneurs and many might lose jobs.

Many states with budget problems are closely monitoring the Oregon polls.