Wednesday, September 01, 2010

Oregon Unemployment and Income Woes

From the Bureau of Labor Statistics:

July (seasonally adjusted) unemployment rate:

12.3% - California
8.8% - Idaho
10.6% - Oregon
8.9% - Washington

Added to this are state income woes. Raising taxes on corporations and the rich is bringing in significantly less than expected.
"The latest numbers show Measure 66, which set higher tax rates on households making more than $250,000 a year, and on individual filers making half that, has brought in about $70 million in additional collections to date. The measure also lowered the amount that could be deducted for paying federal taxes.

"We're thinking we're right around half of what we expected about this time,' said Paul Warner, head of the Legislative Revenue Office.

"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."
Hmm. You make the business climate harder by retroactively(!) raising taxes which results in continuing high unemployment as well as a lot less state income than expected. The Democrat led state legislature never seems to learn.

No comments: