Measure 66 tax revenue off by 30% — We told you so!
Taxpayer Association of Oregon
The Legislative Revenue Office reports this morning that the Measure 66 Tax is nearly 30% below revenue projections. At this time it was supposed to bring in $180 million and has now only raised $130 million (72% of the original estimate). Legislative Revenue Office is now projecting only $827 million (over 6 years) — which is 33 percent ($431 million)less than first predicted.The soak the rich tax plan is now causing real pain for both small business Oregonians and the state budget. Welcome to the no-win scenario of high taxation.
Rep. Vicki Berger told the Statesman Journal, “The signal we sent to the rest of the world was that we are anti-business and against people with capital who might be business providers. Then we didn’t even get the revenue we wanted. It has added to our burden without significantly adding to our prospects.”