Almost from the moment the state Legislature voted to create $733 million in additional revenue by raising the corporate minimum tax and personal income taxes of wealthy people, drama ensued — predictable in a state known for its hatred of taxes.
A group calling itself Oregonians Against Job-Killing Taxes quickly created a campaign and raised $1.2 million to collect enough signatures to refer the taxes — now known as Measures 66 and 67 — to a special election scheduled for January in the hopes that Oregonians would vote the taxes down.
But, according to a variety of sources, there is even more money at stake — up to an additional $1 billion — if the taxes are voted down, because of their connection to money Oregon has received from the federal stimulus package and other matching dollars.
The explanatory statement for Measure 66 published by the Secretary of State’s office in October acknowledges that Oregon stands to lose federal funds. Continue reading