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Oregon Passes Tax Boost on Wealthy, Corporations

January 27, 2010 /

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Oregon voters approved two special tax measures Tuesday designed to close a $733 million state budget gap. With 80% of the expected vote tallied, the Associated Press reported "yes" voters for Measures 66 and 67 garnered about 54% of Oregon’s mail-in ballots.

Elections here are by mailed ballot only. Tuesday was the last day ballots could be cast.

Measure 66 increases Oregon’s personal-income-tax rate by two percentage points for households earning over $250,000 a year. Measure 67 calls for an increase in the state’s minimum corporate income tax, currently $10 a year, and imposes a tax on gross revenues for corporations that do not report a profit.

By JOEL MILLMAN

Full Story: http://online.wsj.com/article/SB10001424052748704094304575028951284541726.html?mod=WSJ_hpp_MIDDLENexttoWhatsNewsSecond