|America's independent, non-partisan advocate for overburdened taxpayers.||Home | Donate | RSS | Log in|
Oregon Voters to Decide on Fate of Death Tax, Real Estate Transfer Taxes, and Corporate “Kickers”
November 4, 2012
Oregonians face a slate of tax issues that will determine the fate of billions of dollars over future years. Measures to repeal Oregon’s Death Tax and ban real estate transfer taxes could save taxpayers considerable sums, while a provision to eliminate corporate tax rebates or “kickers” would represent a $203 million tax hike.
Death Tax Repeal: Since 2001, 31 states have repealed or modified their estate or inheritance taxes. On Election Day, Oregon has the chance to be the 32nd. Oregon’s death tax currently applies to estates as small as $1 million in value, which means it affects many small businesses and family farms. According to the Wall Street Journal, 8% of all death tax filings in Oregon are on estates worth less than $3 million. Measure 84 would phase out the tax over a three-year period.
Should Real Estate Transfers Be Taxed? In Oregon, only Washington County currently imposes a tax on real estate transfers. However, many fear that this could soon change as the state government and many localities look for additional sources of revenue. Measure 79 would constitutionally prohibit the state or a local government from imposing a new real estate transfer tax.
Should Oregon Kick “Kickers” to the Curb? Measure 85 would eliminate “kickers” for corporate taxpayers. These tax rebates are paid to individuals and corporations when tax revenues exceed expectations. Doing away with the corporate kicker is the equivalent of raising taxes by up to $203 million per year.
Local Governments Look to Raise Taxes: Voters across Oregon will weigh in on measures to increase taxes and issue millions of dollars in new debt.
Comment on this blog