Oregon Ballot Measure 41 (2006) - Background

Background

To determine taxable income for federal personal income tax, taxpayers generally may claim deduction ($3,100 maximum in 2004) for each exemption; exemption exists for taxpayer, spouse, each dependent. For state income tax purposes, taxpayers currently may not claim deductions based on federal return's exemptions but may subtract exemption credit ($151 in 2004, multiplied by number of federally-allowed exemptions) from state income tax liability. Measure 41 was an Initiated state statute ballot measure which would have authorized a deduction on state income tax return for each dependent, taxpayer, and spouse claimed as exemption on federal return. The deduction was stipulated that it shall be no less than total deduction for all exemptions on federal return. An exemption credit may have been substituted for the deduction if lower tax resulted. It would have reduced revenue available for state expenditures and provided no replacement revenue. It was similar to Ballot Measure 88, rejected in the general election of 2000.

Read more about this topic:  Oregon Ballot Measure 41 (2006)

Famous quotes containing the word background:

    Pilate with his question “What is truth?” is gladly trotted out these days as an advocate of Christ, so as to arouse the suspicion that everything known and knowable is an illusion and to erect the cross upon that gruesome background of the impossibility of knowledge.
    Friedrich Nietzsche (1844–1900)

    ... every experience in life enriches one’s background and should teach valuable lessons.
    Mary Barnett Gilson (1877–?)

    In the true sense one’s native land, with its background of tradition, early impressions, reminiscences and other things dear to one, is not enough to make sensitive human beings feel at home.
    Emma Goldman (1869–1940)