Some frankly amazing, to me anyway*, news out of Oregon on Tuesday. The Oregonian reports:

It looks like Oregon corporations and high-income earners will pay higher state taxes as voters weighed in Tuesday on two hotly debated measures. […]

Measure 66 raises the income tax paid by households earning at or above $250,000 a year or individual filers who make $125,000 or more.

Measure 67 raises the state's $10 minimum corporate income tax. Together they generate an estimated $727 million, which has already been budgeted by the 2009 Legislature for public schools and other state services.

The tax measures were strongly supported by the state's teachers and other public employee unions. They argued that schools and public services would face damaging cuts.

A coalition of Oregon businesses, including the state's grocers, mounted a campaign to defeat the taxes, arguing that they would cost jobs at a time when the economy is already struggling.

*Not always the best guide to what is actually amazing.

More analysis after the jump…