Indicators suggest Oregon won’t receive nearly as much revenue from Measure 66 as originally thought.
Indicators suggest Oregon won’t receive nearly as much revenue as originally thought from Measure 66, which set higher tax rates on households making more than $250,000 a year.
The low returns have critics who opposed the measure questioning its value.
At that pace, Oregon government would bring in less than $300 million for tax years 2009 and 2010 from the retroactive higher tax rates, instead of the $472 million that had been estimated before the election.
The disappointing revenue numbers come at a difficult time for the state. The most recent revenue forecast projects the state will have $377 million less than expected just three months ago. At the same time, state workers represented by unions are due to get pay raises — known as “step increases” — amounting to 4.75 percent starting Tuesday.
Read more at OregonLive.com.