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By Taxpayer Association of Oregon Foundation,
With Oregon nearly full employment and wages steadily rising, state government tax revenues are surging. For instance, compared to last year, personal income taxes are up 24%. Corporate tax payments are also up exceeding 50% increase over the same period. The revenue surge is so big that the state’s economists predict Oregonian will be getting a Kicker refund on the taxes they file in 2020. The table below shows that the average filer will get a Kicker of $336. Small business owners, who are taxed on all of their business income, are likely to get and even bigger Kicker.
Here is how to calculate your Kicker Tax Refund based on current forecasts*.
Less than $11,200….. $13
$11,200 – $26,300….. $75
$26,300 – $47,800….. $169
$47,800 – $87,400….. $311
$87,400 – $177,300…. $633
$177,300 – $401,200… $1,484
More than $401,200…. $6,787
AVERAGE $336
* These numbers are based on projections which will vary as tax revenue and the economy varies, but represent a possible scenario based on current projections.