Oregon Democrats have advanced a plan to generate over $300m for the state budget by eliminating several tax breaks from President Donald Trump’s tax bill. The proposal includes new tax credits aimed at low- and moderate-income households, increasing the Earned Income Tax Credit by up to 55% for about 230,000 families. Senate Revenue Chair Anthony Broadman said: “This is a balanced, narrow approach to providing the resources that our state needs for education, health care, and public safety.” However, the plan has faced criticism from business advocates who argue it could hinder Oregon’s business climate, particularly due to the removal of accelerated depreciation for equipment purchases. Despite the controversy, the bill is expected to pass easily through the legislature due to the Democratic supermajority.
