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Taxes

state income tax

Most states levy an income tax on their residents that is in addition to the federal income tax. Laws vary from state to state but in most states the state income tax is a tax on the annual earnings of individuals, corporations, trusts, limited liability companies, and other legal entities.

There are nine states that do not have a state income tax—including Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. But New Hampshire levies a tax on capital gains and Washington state recently enacted a tax on extraordinary profits from the sale of financial assets over $250,000.

In Oregon, residents are subject to state income tax in addition to the federal income tax. The state income tax in Oregon applies to the annual earnings of individuals, corporations, trusts, limited liability companies, and other legal entities. The tax rates are progressive for individuals, meaning that the rate increases as income rises. Oregon's tax system includes deductions and credits that can affect the overall tax liability. Unlike the nine states mentioned that do not have a state income tax, Oregon does levy a tax on income, and it is important for residents and entities operating within the state to comply with these tax laws. Taxpayers in Oregon must file an annual state tax return to report their income and calculate their tax liability.

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Taxes

state income tax

Individual & Family Legal Plan

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Oregon State Code

Oregon State Code

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Taxes

state income tax