Bad Deal For Oregon

Recently, Oregon voters were asked to increase taxes during a bad economy. Certainly, no one would do that with unemployment being 11% statewide and rural areas having upwards of 20% unemployment. Regretfully, Measures 66 & 67 passed. Measure 66 had 54% of the vote, and Measure 67 had over 53% of the vote. Only 11 out of Oregon’s 36 counties supported these measures.
Measure 66 raised the income tax on high-income residents to 11% matching the highest in the country. Measure 67 raised the state’s corporate minimum tax to $150, or as much as $100,000 on companies with at least $100 million in annual revenue – not profit. Combined the measures should add an estimated $733 million dollars annually to the state’s general fund.
The important word in that estimation is “should.” It should add that money assuming our tax base stays the same, and it may not because businesses are already planning to move out of state.
Do you want to know the truth about Measures 66 & 67? Oregon economists, Drs. William Conerly and Randall Pozdena, estimate 70,000 jobs will be lost over time because of Measures 66 & 67. The tax base could erode as people and businesses move out of State. There are estimates of $1.1 billion loss due to tax base erosion according to Cascade Policy Institute. Even the Democrat gubernatorial candidates are voicing regrets on the passage of these Measures.

As Governor, I will sunset Measures 66 & 67 by the end of 2011!