Failure to enact Measure 28 will damage Oregon’s economy, according to a new analysis released today by the Oregon Center for Public Policy. Measure 28 is a temporary income tax increase referred to the voters by the Legislature as a way to avoid further cuts to the state budget.

Reviewing the story of Joseph prior to our Torah class, I’m reminded by my cousin Marty that the state’s current budget crisis is hardly unprecedented. Just like Egypt during the time of Joseph, Oregon is “merely” having to adjust to an economic drought following several prosperous years.

Beware the medicine man selling the stability drug to cure Oregon’s fiscal woes. Today’s fiscal ill-health stems from a legislature and electorate who rarely saw a tax cut they didn’t like and refused to save for the economic rainy days.

Cutting Oregon’s tax on capital gains income, as proposed by the two major party gubernatorial candidates, will hurt Oregon’s economy, according to a new analysis released today.

Both major party candidates for Governor in Oregon have proposed capital gains tax cuts as part of their policy response to the state’s flagging economy. The more extreme of the two proposals, made by Republican Kevin Mannix, would reduce the top rate from 9 percent to 5 percent.

In its fifth special session, the Oregon Legislative Assembly referred a temporary income tax increase to the voters. The Legislative Assembly tied “across the board” budget cuts, including cuts to programs serving seniors, to passage of the measure.

A new analysis of the temporary income tax increase on the January 28, 2003, ballot shows that the typical Oregonian over age 65 will not have increased taxes as a result of the measure.

In its fifth special session the Oregon Legislative Assembly referred a temporary income tax increase to the voters. Measure 28, on the January 28, 2003, special election ballot, will increase the top tax rate from 9 to 9.5 percent, a 5.6 percent increase, for tax years 2002 through 2004.