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Measure No. 28

EXPLANATORY STATEMENT

    This measure increases both personal and corporate income tax rates for three years.

    Personal income taxes are paid primarily by individuals. Individuals may file single tax returns or may choose, if married, to file joint tax returns. For personal income taxpayers filing single returns, this measure increases the rate of tax imposed on taxable income over $6,450 from 9 percent to 9.5 percent. Taxpayers filing single returns with taxable income of $6,450 or less would not pay any increased taxes under this measure. For personal income taxpayers filing joint returns, this measure increases the rate of tax imposed on taxable income over $12,900 from 9 percent to 9.5 percent. Taxpayers filing joint returns with taxable income of $12,900 or less would not pay any increased taxes under this measure. The actual income brackets to which the tax rates apply are higher than the brackets set forth in statute because existing law adjusts the tax rate income brackets annually for changes in the Consumer Price Index.

    For corporations, this measure increases the rate of tax imposed on taxable income from 6.6 percent to 6.93 percent.

    The increases apply to tax years beginning on or after January 1, 2002, and before January 1, 2005. For tax years beginning on or after January 1, 2005, the measure restores existing income tax rates.

(This impartial statement explaining the ballot measure was provided by the legislature of the 2002 Fifth Special Session.)

Legislative Argument in Support

Arguments in Favor

Arguments in Opposition

Table of Contents

Oregon Secretary of State • 136 State Capitol • Salem, OR 97310-0722
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