Oregon lawmakers aim to raise $275 million in taxes on wealthy, corporations

Oregonian:

Oregon Democrats want to tax high-earners and corporations to fill a $275 million hole in their proposed state budget. Under the plan, individuals with taxable incomes of $125,000 or more and couples with joint incomes of $250,000 or more would be subject to a limit on income tax deductions, similar to federal tax rules. Those same taxpayers would also see a reduction or elimination of their personal exemption.

Corporations would face a higher minimum payment. The bill also targets loopholes that allow corporations to move money to off-shore "tax havens."

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