“Oregon’s run of record revenue continues. Expected tax collections for the current biennium have increased by $421 million since the September 2022 forecast, bringing expected general fund revenue to $28.3 billion. That’s nearly $5 billion more than the state expected when the budget was set in June of 2021,” said OBI President and CEO Angela Wilhelms.
“Even as the state anticipates record revenue, Oregon’s employers face a tight labor market and a state tax burden that has increased 45% since 2019. Meanwhile, record inflation continues to erode the buying power of Oregonians and their employers.”
“Given the state’s record revenue and the burdens shouldered by Oregonians and employers, Oregon should focus on living within its means and maximizing the effectiveness of existing programs.”
“Of course, Oregon’s sustained run of record revenue will not continue indefinitely, and economic experts believe a mild recession may occur in 2023. The key to greater financial stability is growth in economic activity, not tax increases. That growth should be the focus of legislators during the 2023 session and beyond.”