House Republican Leader Carl Wilson (R-Grants Pass) issued the following statement regarding today’s economic and revenue forecast:
“Today’s revenue forecast reaffirms that Oregon has enormous tax revenues, exceeding previous forecasts. This surge in revenues is due in large part to the stimulative effects of the Tax Cuts and Jobs Act. The ending balance from the just ended 2017-19 biennium is up over $200 million. This increases the personal income tax kicker, resulting in an over 15 percent reduction in Oregonians’ tax liability via the kicker credit. Oregon working families deserve this constitutionally mandated refund because it is their hard work that has directly contributed to the excess tax revenues the state has enjoyed. Democrats should think twice before making any more attempts to reduce or eliminate the kicker.
“We also must address the spending side of the ledger and be better stewards of the people’s money. Everyone knows that economic expansions are often followed by tougher times. The predicted ending balance for this 2019-21 biennium is also up over $300 million. It would be foolish and irresponsible to immediately spend all the extra revenue.”
