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UNDERNEWS

Undernews is the online report of the Progressive Review, edited by Sam Smith, who covered Washington during all or part of ten of America's presidencies and who has edited alternative journals since 1964. The Review, which has been on the web since 1995, is now published from Freeport, Maine. We get over 5 million article visits a year. See prorev.com for full contents of our site

January 28, 2010

FIRST VOTER APPROVED TAX INCREASE SINCE 1930S PASSES IN OREGON

Oregon Live - Oregon voters bucked decades of anti-tax and anti-Salem sentiment Tuesday, raising taxes on corporations and the wealthy to prevent further erosion of public schools and other state services.

The tax measures passed easily, with late returns showing a 54 percent to 46 percent ratio. Measure 66 raises taxes on households with taxable income above $250,000, and Measure 67 sets higher minimum taxes on corporations and increases the tax rate on upper-level profits.

The results triggered waves of relief from educators and legislative leaders, who were facing an estimated $727 million shortfall in the current two-year budget if the measures failed. . .

The double-barreled victory is the first voter-approved statewide income tax increase since the 1930s. Other states, facing similar budget woes, are watching the outcome closely because Oregon, after all, is a state that capped property taxes and locked a surplus tax rebate program into the constitution. . .

Multnomah County was key to the victory, with voters approving both measures by more than a 2-1 ratio. There was deep support elsewhere around the state, including Washington, Lane and Benton counties and communities on the coast. Even in more conservative areas, support was stronger than expected.

Overall statewide turnout was expected to be around 60 percent of Oregon's 2 million voters.

Tuesday's strong support also validated a strategy by Democratic lawmakers to single out the rich and corporations for targeted tax increases.

Campaign ads by supporters highlighted banks and credit card companies and showed images of well-dressed people stepping off private jets. They also hammered on the $10 minimum tax that most corporations have paid since its inception in 1931.


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