WASHINGTON - Small businesses were recently the targets of tax hike proposals in the states of Oregon and Virginia, reports the Small Business Survival Committee (SBSC), but both measures were defeated.
In Oregon, voters overturned an $800 million tax increase by a 60 percent to 40 percent margin. According to SBSC, the tax hike would have raised the business minimum tax 25-fold and would have included an income tax surcharge on small business taxpayers. In addition, business deductions - specifically business vehicle expensing - would have been removed for most small businesses.