Dear NFIB/Oregon members,
Earlier this week, state economists released Oregon’s May Revenue Forecast. This is the document that policy makers use to balance the state budget, so these projections will have a very real impact on the decisions that are made in Salem between now and the end of the legislative session.
Several points of interest came up during the Revenue Forecast presentation. First, Oregon’s economy is still doing fairly well – unemployment rates are low, but growth is beginning to slow.
Second, tax revenues continue to roll into the state coffers in better-than-expected numbers. Not only is Oregon’s Tax Kicker projected to kick, but even after accounting for the dollars that would necessarily be returned to taxpayers, state economists are expecting an additional $200 million for the 2017-2019 budget cycle. In short, this means that the widely reported “budget shortfall” number has now been lowered to $1.4 billion.
Lawmakers are now talking about business tax reform – some would say to raise more revenue, avoid cuts, and provide some stability year over year. Others would say that the current system is bringing in more than enough revenue, but that the cost of state government has spiraled out of control and needs to be reined in.
Yesterday, you should have received a notification from our office asking you to vote on a new tax reform concept – it’s being described as the Oregon Commercial Activities Tax. It’s a new tax that eliminate the current corporate income tax and replace it with a tax based on gross Oregon sales. Please take a close look at this NFIB/Oregon Special Member Ballot and make sure you weigh in so that we can be sure to represent our members’ stance on tax reform during this important legislative conversation.
If you missed the email, you can click here to vote your ballot!
Thank you for your continued support and involvement,
Anthony K. Smith
Oregon State Director
