It's time to change state tax brackets
To the editor:
In 2003 I floated an idea to double Oregon's income tax brackets, which would effectively double the personal exemption of every working Oregonian.I introduced the idea as a legislative concept in 2005, but it gained little traction.
With the economic climate turning darker every day, I think the time for such an economic stimulus plan is now.It shouldn't be part of any larger tax debate or traded for a tax increase.If Oregon wants to weather the coming storm, it needs to make sure our economy has plenty of new jobs heading into the months ahead.
An analysis from the Legislative Fiscal Office (www.leg.state.or.us/comm/lfo/home.htm) outlines the proposal and the impacts it would have. In summary, the plan would:
n Immediately put $375 million back into the economy
n Provide the average joint filer up to $408 extra dollars per year
n Create 19,951 family wage jobs primarily in the retail, personal service and business service sectors
I hope you seriously consider this as a potential tool for economic stimulus.I think the need for this type of tax relief is real.
If you have any questions, feel free to call my office, 503-986-1950.
Sen. Ted Ferrioli