April is income tax time and Oregon business decision-makers say it is time to change Oregon’s tax system.
Oregon’s current tax structure relies primarily on revenues from income taxes to fund state programs. When unemployment increases, state revenues drop, causing budget shortfalls. With this in mind:
- 69 percent of Oregon decision-makers say it is time to overhaul the state’s tax system; and
- Another 18 percent say change is needed but not now.
One proposed solution is shifting a portion of the tax burden from the current income tax dependent system to a joint income/sales tax system. Oregon is one of five states with no statewide sales tax. (Alaska, Delaware, Montana, New Hampshire are the other four.)