![]() ![]() ![]() Capital gains are taxable at both the federal and state levels. Examples of capital assets include stocks, businesses, land parcels, homes, personal items and more. Personal exemptions, 2015Ĭapital gains tax See also: Capital gains taxĪ capital gains tax is a tax levied on the profit gleaned from the sale of a capital asset. ![]() These exemptions were equal to about $194 in 2015. Oregon regulations also allow filers to receive exemptions for dependents. Exemptions for those filing as a married couple were equal to $388 in 2015. In Oregon, state personal exemptions for single filers were equal to $194, which was second highest (and second lowest) among its neighbors that allowed for personal income tax exemptions. The state exemptions for Oregon and its neighboring states as reported by the Tax Policy Center are reported in the chart below. Both state and federal taxes allow exemptions. Įxemptions work by reducing the amount of an individual's taxable income. The personal exemption indicates that only a person's income above a certain level is subject to taxation. States that collect a personal income tax allow individuals to claim personal exemptions on income taxes each year. Source: Tax Policy Center, "Individual State Income Tax Rates 2000-2015," accessed September 29, 2015 Note: For complete notes and annotations, please see the source below. Because some states are excluded from the rankings and a few share common uppermost rates, there are 34 numerical rankings, with 1 indicating the highest uppermost rate and 34 indicating the lowest. Numerical rankings are tabulated by excluding states with no personal income tax (as well as New Hampshire and Tennessee, which charge income tax only on dividends and interest) and are based on the highest possible tax rate for which an individual might be liable. The table below summarizes personal income tax rates for Oregon and neighboring states in 2015. In Oregon, there are four income tax brackets. A tax bracket is the income range to which a tax rate applies. ![]() An individual's tax liability varies according to his or her tax bracket. The personal income tax rates in Oregon for the 2015 tax year ranged from 5 percent to 9.90 percent. Tax rates Personal income tax See also: Personal income tax Notably, Oregon does not levy a general sales tax. The state's tax revenues per capita were $2,439, ranking 33rd highest in the United States. In 2014, according to the Federation of Tax Administrators, Oregon collected $9.684 billion in tax revenues.The primary types of taxes levied by state governments include personal income tax, general sales tax, excise (or special sales) taxes and corporate income tax. The rest comes from non-tax sources, such as intergovernmental aid (e.g., federal funds), lottery revenues and fees. Tax collections comprise approximately 40 percent of the states' total revenues. States levy taxes to help fund the variety of services provided by state governments. The state derives its constitutional authority to tax from Article IX of the state constitution. Oregon generates the bulk of its tax revenue by levying a personal income tax and select sales taxes (otherwise known as excise taxes). For more current information regarding tax policy, click here. The historical Oregon tax policy information below is presented as it was written on Ballotpedia in 2015. If you would like to help our coverage grow, consider donating to Ballotpedia. This article does not contain the most recently published data on this subject. Effect of the Affordable Care Act in Oregon.Oil and gas extraction on federal land in Oregon.Ballot access requirements for presidential candidates in Oregon.Ballot access requirements for political parties in Oregon.Ballot access requirements for political candidates in Oregon.Campaign finance requirements for Oregon ballot measures.Campaign finance requirements in Oregon. ![]()
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