In 2016, the most recent year that can be classified, 69,465 Clark County residents submitted Oregon's income tax returns. In total, they paid $206.2 million in taxes – accounting for 2.7% of all Oregon income taxes – A value of $3.29 billion in revenue.
PORTLAND (AP) – Power is under construction to end Oregon's only method of issuing tax rebates to build reserves for schools.
The Oregonian / OregonLive report said that if Oregon's economist's forecast is established, taxpayers will receive a "kick-up" rebate worth up to $724 million when they submit their income tax in 2020.
Currently, the median resident population has an adjusted total income of approximately $36,000 per year and is expected to receive a tax credit of approximately $175 by 2020.
However, during the recession, voters may decide to transfer funds to the rainy days of schools available to the state.
Business leaders gathered in Portland on Monday said that opinion polls show that more than 60% of respondents will support this change. Jeremy Rogers, vice president of the Oregon Business Council, told attendees at the Oregon Leaders Summit that legislators could submit the issue to voters in the May 2019 election.
Recent signs indicate that this idea is gaining momentum, six years after voters voted to end the corporate tax rebate.
According to the Oregon State Constitution, a unique countervailing duty is triggered when the tax revenue for the two-year budget cycle is more than 2% higher than the economist's forecast at the beginning of the cycle.
One issue that enters the Legislative Council is how much the Democratic Party changes the priority of kickers because their goal is to fund Medicaid and education through major climate change legislation and raising billions of dollars in fees and taxes.
Senator Mark Hass, D-Beaverton, is chairman of the Oregon Senate Finance and Taxation Committee. On Tuesday, he expressed support for the idea of ending the kickers.
Haas said on Tuesday that “I want to turn it to the Rainy Foundation” and pointed out that Oregon’s reliance on income taxes has caused the state’s revenue to fluctuate significantly. “The next best thing for major structural reforms. There will be a strong rainy day fund to cushion our inevitable downturn. It was a bad public policy at the beginning.”