By Taxpayer Association of Oregon
Today Oregon made history. The Oregon Economic Forecast came out today and Oregon’s over-collected tax revenue is expected to hit $1.4 billion. That means Oregonians could expect a Kicker Income Tax Refund of $330 to $450.
This income surge is due to the historic success of the big 2017 Tax Cut passed by Congress and President Trump.
According to PEW research, roughly 41 states have seen record revenue this year. The 2017 tax cuts worked and it putting Americans back to work in record levels and now bringing in record revenues.
It can be felt here in Oregon. Both personal and corporate income taxes are up more than 50%.
Just in time to destroy this historic moment are the liberals. The politicians honored the momentous success of the national tax cuts by doing the opposite and raising taxes. This week the Senate passed a $2 billion tax increase on a party-line vote.
Now Governor Kate Brown has pledged to steal the over-collected Kicker Tax Refund in a press release;
“I expect a substantial portion of these funds to be directed towards paying down our PERS unfunded liability, and further investments to be made in housing…”
You read it correctly. Governor Kate Brown wants to steal your $330-$450 Kicker Income Tax Refund to pay for the $26 billion government pension PERS debt. Governor Brown has not offered any meaningful long-term spending cuts to pay for PERS, but rather has recommended cuts to your family budget. Brown wants YOU to make the sacrifice — not the government. Governor Kate Brown wants to fund the PERS crisis by raiding a one-time revenue source. This is the same idea behind Gov. Kate Brown’s plans to raid the reserve accounts of the state’s insurance company SAIF. You don’t solve long-term problems with one-time money grabs.
Governor Brown and House Speaker Tina Kotek are following the playbook of bankrupt companies as their preferred choice of balancing the budget.
This higher economic forecast and bigger Kicker Income Refund returns means the pressure is greater to pass a law to abolish Oregon’s Kicker Law.
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