SALEM, Ore. — Democratic leaders in the Oregon House said Monday that their plan to raise more tax revenue would target corporations and wealthy individuals.
Speaker Tina Kotek and Rep. Peter Buckley, the House Democrats’ budget chief, said their plan would limit the amount an individual can claim in tax deductions on a graduated scale beginning with individuals earning at least $125,000 and households earning more than $250,000. Those same taxpayers also would be eligible for a smaller share of the personal exemption — a $183 tax credit for every individual on a tax return.
The Democratic plan would eliminate the cap on the corporate minimum tax, which would affect corporations with more than $100 million in revenue. It also would try to collect more from multi-state and multi-national corporations by trying to keep better tabs on how much of their revenue comes from Oregon and should be subject to state taxes here.
The House Revenue Committee is scheduled to begin discussing the proposal today and will work out the details, including how much to limit tax deductions for wealthy taxpayers.