The Oregon House is currently considering a bill that would increase taxes on large corporations, in order to provide more money for Oregon schools.
Measure ninety seven, which would have taxed the top one percent of corporations in Oregon, failed to pass in November. Since then, schools have faced unprecedented budget cuts.
A statewide small business group says that the bill advantages the largest corporations, like Walmart, while hitting small and medium businesses the hardest.
But the legislators who drafted the bill say that this is not the case, claiming that it will tax the largest corporations only, and will significantly boost the economy of the state.
Last night, a public hearing took place in Salem at the Joint Committee on Tax Reform.
Here’s some of the testimony from that hearing:
The bill, H-B 2830, which would provide funding for education, is expected to raise around one point two billion dollars in revenue.
It is just one of the measures being considered by the Oregon legislature to avoid a one point four billion dollar budget deficit before the session ends next month.
- KBOO