WASHINGTON - Senator Jeff Merkley released a report Thursday that he says shows the Republican's tax reform plan would provide vast benefits to millionaires, while raising taxes on nearly 20 percent of Oregon households.
“President Trump and the GOP’s tax scam leaves Oregon’s working families behind,” Merkley said in a news release. “We should be lifting up Oregon’s and America’s working families, not forcing them to pay for tax giveaways to the millionaires and billionaires. I’ll fight it at every turn.”
The report finds that in Oregon, the Republican plan would result in tax hikes on the middle class; tax cuts for the wealthy; and would leave working families behind:
· The Republican tax plan would raise taxes on about 330,000 Oregon households. The nationwide average tax increase on families earning up to $86,100 would be $794.
· The Republican plan makes a mortgage interest deduction useless for most homeowners, benefitting only those whose home is worth more than $801,000—more than twice the $314,400 value of the median Oregon home.
· The 3,580 millionaires in Oregon, or 0.19 percent of filers, would receive nearly half of the benefits in the Republican tax plan.
· Repealing the “dynasty tax” on inherited estates, which costs taxpayers $238.9 billion over the next decade, benefits only 20 of the wealthiest families in Oregon.
· The Republican plan eliminates the personal exemption, which deducts $4,050 for each taxpayer and dependent on a return from taxable income. In Oregon, that affects 1.1 million dependent exemptions.