Today in a special election, the people of Oregon voted to pass two ballot measures on taxes. Measure 66 increases the marginal income tax rate by 1.8% on incomes over $125,000 for single individuals and married separate filers and $250,000 for heads of household and joint filers. Measure 67 raises the minimum corporate tax from $10 to $150, and created 1/10 of 1% gross revenues tax for revenues over $500,000 for businesses showing no taxable profit.
In addition to the unfair and antiquated $10 corporate minimum tax that applied regardless of the extent of gross sales, Oregon also had maintained a state individual tax system that was effectively regressive in nature. Lower and middle income Oregonians paid a higher percentage of their incomes in state and local taxes and user fees than upper income Oregonians.
I and I am sure others may have more analysis on the import of this election later. For now, spread the word that the people are willing to force big businesses and the rich to pay their fair share to preserve important government services for all of the people. And, lets be on the lookout to see what the mainstream media makes of this important election. Will they tout the voice of the people in favor of raising taxes to make them more fair and progressive? Will they cite this as evidence of a real and constructive, burgeoning populist movement afoot? Or will they just ignore it, or toss it off as the fevered impulse of a bunch of west coast socialists?