For whom are you voting for Governor?
Republican Christine Drazan
Democrat Tina Kotek
Non-Affiliated Betsy Johnson
Some other candiate
Northwest Observer
Subscribe for Free Email Updates
Name:
Email:
Search Articles
       


Post an Event


St. Paul Rodeo
Thursday, June 30, 2022 at 9:00 am
Hundreds of community volunteers work shoulder to shoulder for months each year to put this traditional show together, and we welcome the world to St. Paul for five days filled with color, action, excitement, and something for everyone. So, head on out to St. Paul for a fun-filled experience during our 86th annual 4th of July rodeo celebration of the American cowboy and our western lifestyle!

www.stpaulrodeo.com

Mark your calendars now and join the fun at the 86 th Annual St. Paul Rodeo June 30, July 1,2,3, & 4, 2022.
St. Paul, OR



2022 Lincoln County Fair
Friday, July 1, 2022 at 10:00 am
FREE ADMISSION * July 1-3 * Newport, Oregon

Join Us for an Old-Fashioned 4th of July Celebration!
Details & event calendar: www.thelincolncountyfair.com
1211 SE Bay Blvd Newport, OR 97365



Marion County Fair
Friday, July 8, 2022 at 10:00 am
2022 Marion County Fair July 8-10, 2022 Friday: 10am – 11pm Saturday: 10am – 11pm Sunday: 10am – 6pm
Oregon State Fairgrounds 2330 17th ST NE Salem, OR 97301



Linn County Fair
Thursday, July 14, 2022 at 10:00 am
Linn County Fair July 14 - 16 2022
Linn County Expo Center 3700 Knox Butte RD E Albany, OR 97322



World Athletics Championships
Friday, July 15, 2022 at 8:00 am
The World Athletics Championships are coming to Eugene this summer (July 15-24 2022), the first time in history that the championships will be held in the United States. This mega-sporting event will showcase the best track and field athletes in the world. The event will bring 2,000 athletes from more than 200 nations, all competing for 49 gold medals. About 20,000 to 25,000 attendees are expected per session, with most days hosting two sessions (both morning and afternoon).
Eugene



Lane County Fair
Wednesday, July 20, 2022 at 11:00 am
Lane County Fair JULY 20 - 24, 2022 11:00am - 11:00pm
Lane Events Center 796 W 13th Ave, Eugene, OR 97402



Coos County Fair& Rodeo
Tuesday, July 26, 2022 at 8:00 am
Coos County Fair and Rodeo July 26 - 30, 2022
Coos County Fairgrounds 770 4th St, Myrtle Point, OR 97458



Malheur County Fair
Tuesday, August 2, 2022 at 10:00 am
Malheur County Fair August 2-6th
Desert Sage Events Center 795 N.W. Ninth St. Ontario, OR 97914



Union County Fair
Wednesday, August 3, 2022 at 10:00 am
Union County Fair August 3-6th 2022
3604 N 2nd St, La Grande, OR 97850



Yamhill County Fair & Rodeo
Wednesday, August 3, 2022 at 7:11 pm
Fair and Rodeo August 3-6, 7 am - 11 pm. Wed. Nitty Gritty Dirt Band; Thur. Jo Dee Messina; Fri. Shenandoah; Sat. Night Ranger Kids rides Adults $12 Kids $6 Exhibits; Demolition Derby Saturday 168th Annual; Oregon's oldest Fair
Yamhill County Fairgrounds



Baker County Fair
Sunday, August 7, 2022 at 10:00 am
Baker County Fair August 7 - August 13
Baker County Fairgrounds 2600 East Street Baker City, OR 97814



Umatilla County Fair
Wednesday, August 10, 2022 at 10:00 am
Umatilla County Fair Aug. 10th-13th, 2022
1705 E. Airport Rd. PO Box 94 Hermiston, OR 97838



CLACKAMAS COUNTY FAIR & RODEO
Tuesday, August 16, 2022 at 10:00 am
CLACKAMAS COUNTY FAIR & RODEO August 16-20, 2022 10am - 10pm
Clackamas County Events Center 694 NE 4th Ave. Canby, OR 97013



Oregon State Fair
Friday, August 26, 2022 at 10:00 am
Which part of the Oregon State Fair are you most excited for? We'll keep adding to the fun all summer long!
Salem, Or



Oregon General Election
Tuesday, November 8, 2022 at 8:00 pm
Statewide


View All Calendar Events


Take Aways from the June 2022 Forecast
Why the boom in tax revenue?

The Oregon Office of Economic Analysis issued the June 2022 Economic and Revenue Forecast this week. Every party leader had something to say, good, bad or indifferent. Their words hold little value for an individual that has watched their taxes wildly spent.

The forecast is divided into three headings. The first is titled “Cyclical Economic Recovery Complete, Structural Labor Challenges Remain.”

What does that mean to the working class? There are plenty of jobs available, which means jobs is not a factor in the rise in homelessness.

It also covers agricultural workers and the counties that will be hit the hardest when HB 4002 limits work hours on farms.

The second forecast is the unprecedented revenue boom that has left us with unprecedented balances in the current biennium, followed by a record kicker in 2023-25. The 2021 tax year had a record 70% increase at $1.2 billion after the kicker returns.

But what isn’t being talked about is why the boom in tax revenue.

There was a difference of 8.6% higher taxable income than actual income. A high number of tax filers cashed in a wide range of assets in 2021 to get through the pandemic. This created taxable income that wasn’t related to a growth in the economy.

It is also an indicator of how desperate people became. It was 600% more than those cashing in during the housing boom or the tech boom with over $16 billion in realized capital gains. The forecast for next biennium won’t have those taxable assets and shows no growth, and may decline after the kicker.

Another false boom is the increase around $500 million in Corporate Excise Taxes (CAT). It pads the revenue but what is it doing to businesses and purchasers? The forecast also suggests the markets will slow down projecting about $25 billion less from CAT than the original estimate.

The forecast is already anticipating the 2023 legislature will skim off 2% from the kicker in a phony budget adjustment they have done the last two budget sessions. But they also project a 5% kicker above the adjustment amounting to $3.033 billion. The corporate kicker, which now goes to schools is projected at $931 million.

“Thanks to the Kicker, Oregonians will get some of their taxes back and with it, a much-needed break from the increasing burden of inflation,” Senate Republican Leader Tim Knopp (R-Bend) said. “The Kicker continues to act as a check against the Democrat’s continuous urge to blow out the spending. Now, more than ever, it's essential to protect the Kicker. Too much spending got us into this inflation mess, it’s not going to get us out. As of now, we have extra money, but our economists are predicting an economic downturn soon. We must budget wisely for the future.”

A D V E R T I S E M E N T

A D V E R T I S E M E N T

In summary, the forecast cautions that inflationary booms usually don’t end well if it is entrenched in the economy. Employment could loose 97,000 jobs and the general fund could have a $2.6 billion hit below the baseline.

Governor Brown mentioned sizable reserves. Perhaps she meant to say forecasted reserves. This biennium the reserves are at 10% of the general fund and projected to climb to 17.7% this year and 18.7% by close of the biennium. If unused, the forecast is for reserves to reach 25% in the 2029-31 biennium.

It seems the March 2022 forecast was too optimistic. The June forecast for the 2023-25 biennium shows a total decline of $1,991 million change from the March 2022 forecast. Personal income taxes declined $2,093 million but corporate taxes show a gain.

Senate President Peter Courtney issued this statement. “Oregon clearly has one tough economy. Our forecast is up for the eighth time in a row. We have to be careful. Experts are seeing storm clouds on the horizon. Oregon has done a good job saving. We’ll keep moving forward.”

What does “forward” look like? Many states are cutting taxes so all may benefit and reduce the inflation impact. What Oregon’s legislature does will depend on voters.


--Donna Bleiler

Post Date: 2022-05-20 08:05:53Last Update: 2022-05-20 08:39:01



Read More Articles