ABOUT THE REFERENDUM PROCESS

7 REASONS TO VOTE NO TO INCREASED TAXES IN OREGON

House Bill 2152 was a comprehensive piece of legislation that raises taxes on Oregonians in MULTIPLE ways, not just through income taxes. HB 2152 raises new revenue to the tune of $1.1 billion in the next 3 years alone.

The following components were part of the total bill…they are all ways to drain as much money from the taxpayers as possible.
See the full text of HB 2152

• Income Taxes : a 3-year, retroactive surcharge on personal income taxes.
  
  
• Senior Medical Deductions : Reduces for some, eliminates for others, the ability for Oregon's seniors to deduct medical expenses from state taxes.
  
  
• Property Tax Discount Reduction : Cuts the current discount for early payment of property taxes to only 1.5% and directs counties to transfer these savings from county funds to state funds.
  
  
• Corporate Tax Credits : Cuts corporate tax credits by 20% across the board; the state will lose money in 2005-2007 when corporations claim three years' worth of these unused credits.
  
  
• Cigarette Tax Extension : Further extends the cigarette tax increases from January 1, 2004 to 2006.
  
  
• Auto Depreciation : Small businesses could no longer deduct the cost of utility vehicles for business purposes.
  
  
• Business Minimum Tax : Imposes new minimums of anywhere from $250 to $5,000 on corporations in the state – both C-corporations and S-corporations.
  
  
• Extraterritorial Income Tax : Institutes income taxes on trade with foreign countries, reducing the incentive for expansion or establishment of headquarters within Oregon.
  
  
• Dividend Taxation : Slashes by 50 percent the deduction allowed for dividends received by one business from another.