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Something for Nothing

In its fifth special session, the Oregon Legislative Assembly referred a temporary income tax increase to the voters. The Legislative Assembly tied “across the board” budget cuts, including cuts to programs serving seniors, to passage of the measure. Measure 28, on the January 28, 2003, special election ballot, will increase the top tax rate from 9 to 9.5 percent, a 5.6 percent increase, for tax years 2002 through 2004. For tax year 2002, the new rate will apply to income greater than $6,275 ($12,550 for joint filers). In 2003 the new rate will apply to income greater than $6,375 ($12,750 for joint filers). This study estimates that the new rate will apply to income greater than $6,550 in 2004 ($13,510 for joint filers).

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