Practically.  But it is still higher AND it is a rate without a cap.
A person making $20,000 of taxable income would pay $1,569 or $1,333, depending on how you file (2016 rates)
A person making $47,000 of taxable income would pay $4,080 or $3,844, depending on how you file (2016 rates)
A person making $100,000 of taxable income would pay $$8,764 or $8,292, depending on how you file (2016 rates)
I could understand your argument if there was a cap, but people earning more are certainly paying thier fair share in Oregon Taxes.