Oregon House scales back Democratic tax plan

April 24, 2013 • Business

Rep. Peter Buckley, D-Ashland, speaks on the floor of the state House of Representatives in Salem, Ore., on Wednesday, April 24, 2013. The House voted on key pieces of the Democratic budget proposal. (AP Photo/Jonathan J. Cooper)

SALEM, Ore. (AP) — The Oregon House significantly scaled back a Democratic plan to raise taxes on corporations and wealthy individuals Wednesday after it became clear that the proposal didn’t have enough support to pass.

Lawmakers stripped the bill of its controversial provisions and unanimously approved what was left: An effort to tax corporate revenue held in off-shore accounts. Democrats had hoped to phase out income tax deductions for the highest-earning taxpayers and increase the corporate minimum tax, but they couldn’t get the two Republican votes they’d need to raise revenue.

In a separate, nearly party-line vote, lawmakers approved a Democrat-backed bill that would cut pension benefits for retired government workers over the objection of Republicans who said it doesn’t go far enough to address the rising costs of Login to read more

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