Every single revenue forecast since the pandemic began has exceeded expectations. The current revenue forecast is more of the same, but now state government coffers are being padded by inflation. The revenue forecast acknowledges that inflation is increasing the cost of living for Oregonians.

“Inflation is devastating for working families, but pads the pockets of government,” said Senate Republican Leader Tim Knopp (R-Bend). “Blowout spending from federal government borrowing has given us more money than we know what to do with at the same time most working people have gotten effective pay cuts because everything is more expensive. Yet, Democrats’ vision continues to be tax, borrow, and spend. It’s time to give working Oregonians some relief in their family budget.”

The Legislative Revenue Office projected a personal kicker of $558.3 million for 2023 in their summary of the Revenue Forecast based in part on these observations:

• Third Quarter personal income tax collections came in $220.4 million (8.3%) above the September 2021 forecast.
• Third Quarter corporate income tax collections came in $52.4 (18.6%) million above the September 2021 forecast.
• Third Quarter Oregon personal income was $1.3 billion (0.5%) above the September 2021 forecast.
• Third Quarter Oregon employment was 14,653 jobs (-0.8%) below the September 2021 forecast

Oregon Democrats have consistently rejected tax relief measures that would have put more money in the pockets of working Oregonians. This year, they voted to tax stimulus checks and basic necessities, denied relief to those struggling with student loans, and denied property tax relief for veterans.

“The state continues to get bigger budgets, but working families are struggling to make ends meet because of inflation,” said Senator Lynn Findley (R-Vale), member of the Senate Finance and Revenue Committee. “Oregon Democrats have refused every opportunity to give working families a break. I will be reintroducing legislation to cut taxes for everyday necessities on working families. Prescription drugs, diapers, and feminine hygiene products should not be taxed.”


--Staff Reports

Post Date: 2021-11-18 10:44:02

Last Update: 2021-11-18 10:04:19