The House GOP’s tax plan would negatively affect Oregon more than any other state, according to both a financial media group and a Portland-based think tank. KLCC’s Brian Bull reports.
According to Bloomberg Economics, Oregon would be hardest hit by the plan’s elimination of individual tax breaks for state and local income tax deductions, while preserving a break for state and local property taxes. Property tax deductions would be capped at $10,000 under the GOP bill.
In 2016, Oregon got 75 percent of its tax collections from income tax. Daniel Hauser with the Oregon Center for Public Policy, says losing that would definitely affect the state.
“Perhaps the more painful double whammy that will occur for lower and middle income Oregonians, is that not only will this tax cut benefit the richest the most, but it will also cause a $1.5 trillion federal budget deficit over the next decade.”
Hauser adds under the GOP tax plan the average Oregonian would see an $800 tax cut in 2018, while the upper 1 percent would get a tax cut surpassing $32,000.
Copyright 2017, KLCC.