Politics
87 articles · Page 4 of 9
CITY OF SALEM AND 2023 GO BONDS RETAIN AA2 RATING FROM MOODY'S
Moody’s Investor Service has assigned an Aa2 rating to Salem, Oregon, for its 2023 General Obligation Bonds following the approval of a $300 million bond measure for community improvements. The funding will support various projects over ten years, enhancing infrastructure, emergency services, and affordable housing in the city.
OREGON PART OF $391 MILLION GOOGLE SETTLEMENT
Oregon Attorney General Ellen Rosenblum announced a $391.5 million settlement with Google for misleading users about location tracking. This historic settlement, the largest of its kind, mandates Google to improve transparency and user controls starting in 2023. Oregon's role secures $14.8 million, as privacy legislation efforts continue.
REVENUE FORECAST RAISES KICKER QUESTIONS
Economists project that Oregon's tax revenue will exceed expectations by $4.97 billion, resulting in a $3.7 billion personal kicker for taxpayers in 2024. Some lawmakers are discussing suspending the kicker due to future budget concerns, but the high threshold for suspension and ample cash reserves make tax increases unlikely.
EPA Awards $750,000 Pollution Prevention Grants to Oregon, Idaho and the Knik Tribal Council, Funded by the Bipartisan Infrastructure Law
At a Portland event, EPA’s Jennie Romer announced $751,550 in pollution prevention grants for Oregon, Idaho, and the Knik Tribal Council. These funds support initiatives that reduce pollution, lower costs, and aid underserved communities, complementing a prior $12 million funding from the Bipartisan Infrastructure Law focused on sustainable practices.
Marion, Polk County Key to Deciding Legislative Majorities
In Oregon's competitive gubernatorial race, voters in Marion and Polk counties, especially Salem, will influence party majorities in the legislature. Democrats have held power for a decade, but upcoming elections feature tight contests, especially in Senate Districts 10 and 11, potentially reshaping Oregon's political landscape depending on voter turnout.
Shocking the Electric Vehicle System
Last month, California’s Air Resources Board voted to ban new gasoline-powered vehicles by 2035, prompting Oregon to consider similar rules. While aimed at reducing emissions and improving air quality, challenges include high EV costs, low inventory, and limited consumer rebates. Economic factors may hinder the success of these ambitious policies, risking backlash from voters.
Oregon Taxes for Upcoming Ballots
As inflation rises and elections approach, Americans focus on money-saving strategies, including tax plans. In 2018, they paid $3.3 trillion in federal taxes and $950.5 billion in state taxes. Tax structures vary by state, influencing residents' total tax burden and funding for public services like education and healthcare.
LAWMAKERS PUSH $22B INCOME TAX FOR FREE HEALTH PLAN
A task force released a draft report proposing a comprehensive statewide health insurance plan for Oregon, eliminating various costs and funded by federal revenue and new taxes. If approved, it would go to a public referendum. Critics argue it could lead to inefficient government control over healthcare and urge opposition to the proposal.
Understanding Paid Family Medical Leave fund
Starting in 2023, Oregon will implement a Paid Family Medical Leave program, allowing workers to apply for paid leave starting September. This law, passed in 2019, enables up to 12 weeks of paid leave for various qualifying reasons. Workers contribute 1% of their wages, with employers contributing 40%.
The September Economic and Revenue Forecast
The September Economic and Revenue Forecast revealed an expected gross general fund revenue of $27.9 billion for the 2021-23 biennium, surpassing previous estimates. Despite continued revenue growth, inflation and monetary tightening have moderated this pace. Projections indicate potential volatility ahead, with personal and corporate kickers anticipated for 2024.