1963-10-15 - Ballots Ballot No. 0004o-1475
Stub
To be torn off by member of election board
SAMPLE BALLOT
Special Election for State of Oregon
To be held on Tuesday,October 15, 1963.
Mark a Cross or a Check (\,') in the Voting Square After the Word "Yes" or After the Word "No".
REFERRED TO THE PEOPLE BY REFERENDUM PETITION
Title and Statement of Purpose
PERSONAL AND CORPORATION INCOME TAX SILLPLIrpose: To increase I
state revenues. Abolishes federal tax deduction Lowers persomil tax. rates. Provides
minii-nuin tax. Increases corporation rates. Effective on or after January 1, 1963.
ESTIMATE OF FINANCIAL EFFECTS: If Ballot Measure I (Chapter 627, Oregon
Laws 1963) is approved by the voters, it is estimated that the increase in state revenue
over that, which would be provided by existing law from personal income taxes will YES
amount to about $24,750,000 per year or $49,500,000 for the biennium and the increase
from corporate excise taxes on income will amount. to about $350,000 per year or$700,000
for the biennium, based on present levels of income. The Ballot Measure also authorizes
a possible "speed-up" of personal income tax payments withheld by employers that
Gvould permit an increase in 1963-1.965 revenues by $1.4,000,000, �,,itliottt increasing the NO
tax liabilit y of the personal income tax payer.
If Ballot Measure 1 is defeated, expenditures in the 1963-1965 biennium will need to be
reduced by approximately $60 million below the level of appropriations made by the
1963 Legislature, or other revenues must be SOUqllt, or some combination of revenue in-
crease and expenditure reduction totalling approximately $60 million must be made in
accord with the requirements of Article IX and XI of the Constitution of Oregon.