There is simply no bar to a variety of tax increases
The Consumer Price Index experienced its largest 12-month increase in 30 years, evidence of rising inflation.
In the face of record revenue
, the Oregon Legislature raised or created several taxes during the 2021 session, led by House Speaker Tina Kotek. With a Democrat supermajority in both chambers and a Democratic governor, there is simply no bar to a variety of tax increases. This was on the heels of the crushing Corporate Activities Tax, which raises over $1 billion annually.
Ahead of the upcoming 2022 Legislative Session, House Republican Leader Christine Drazan (R-Canby) is warning against policies that will increase the cost of living in Oregon.
“Rising inflation will hurt Oregonians,” said Leader Drazan. “Our state budget is a runaway train, doubling in 10 years while raising the cost of living. With the shocking rise in inflation, I will oppose any bills that increase costs for Oregon families. Fiscal policies that dig into their pocketbooks to fill state coffers are going to push people out of their homes and out of our state. We should do everything we can to eliminate regulations that raise costs so families can keep their homes and jobs.”
In its September Economic Forecast
the Oregon Office of Economic Analysis indicated that persistent inflation is a risk, and looks for help from federal monetary policy:
"In recent months inflation is running hot. Much of this can be explicitly tied to reopening sectors of the economy, or shortages in the automobile industry. However, even stripping away these likely temporary issues, the risk remains that underlying inflationary pressures will remain above the Federal Reserve’s target moving forward. Therefore the risks are not whether inflation will be above target or not – it already is – but what exactly the Fed is going to do about it."
|Post Date: 2021-11-12 10:30:04||Last Update: 2021-11-12 10:32:37|