from September 2019, Issues
As a legislative member of the House Interim Committee on Revenue, I heard firsthand the most recent report of glowing economic news from Oregon's state economists. Consumer spending, roughly two-thirds of the economy, remains strong, job prospects are still good and overall wages continue to climb. Because Oregon’s economy closely follows the U.S. economy, we can be thankful to Republicans at the federal level for the Tax Cuts and Jobs Act passed at the end of 2017. While it is debatable whether the Tax Cut and Jobs Act created a one-time bump in the economy or not, what is certain is that consumer confidence and employment numbers, especially for minorities, are very good.
One of the results from this great economy is a boom in to state tax revenue — once again at record levels. An outcome from this surge in state revenue is that the kicker (a constitutionally mandated rebate to Oregon taxpayers) will be the third largest highest in state history.