tag:blogger.com,1999:blog-3471471289744825428.post4090868062927860779..comments2024-03-11T00:31:41.186-07:00Comments on The Oregon Economics Blog: Income Tax and the Current Economic CrisisPatrick Emersonhttp://www.blogger.com/profile/17242234148546323374noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-3471471289744825428.post-50298351567798163042009-01-27T10:27:00.000-08:002009-01-27T10:27:00.000-08:00Spenguin,I don't have any specific advice, it depe...Spenguin,<BR/><BR/>I don't have any specific advice, it depends on your personal situation. But boiler plate advice would be to hold on to the job you have and wait until the bloodletting has subsided.Patrick Emersonhttps://www.blogger.com/profile/17242234148546323374noreply@blogger.comtag:blogger.com,1999:blog-3471471289744825428.post-32801628349016273782009-01-25T00:06:00.000-08:002009-01-25T00:06:00.000-08:00I am looking up information on how the Economic cr...I am looking up information on how the Economic crisis is hitting Oregon because I will be moving there in less than 3 months. i am moving from California and was wondering if I would have an easier time waiting it out in California where I already have a job even though I want to get out as soon as possible, or I should risk it and move up to Oregon but look for a job before hand. You seem to have done some extensive research on Oregon so let me know if you have any hint of an answer.Sidrahttps://www.blogger.com/profile/10315636317038389137noreply@blogger.comtag:blogger.com,1999:blog-3471471289744825428.post-75716760679303175342009-01-02T13:22:00.000-08:002009-01-02T13:22:00.000-08:00If you look at government revenue as a three legge...If you look at government revenue as a three legged stool--the first leg is sales tax, the second leg is income tax, and the third is property tax--then if you're missing one, then the other 2 have to be bigger than normal in order to keep the stool upright. <BR/><BR/>Now, the question is how to do you increase revenue when you only have 2 instruments to work with? In order to increase income tax collection, you either have to raise income taxes or create new jobs. In this climate, new jobs ain't happening. Oregon already has one of the highest income taxes in the country.<BR/><BR/>In order to increase income for property taxes, you have to increase home ownership or increase property taxes, which ain't happening either.<BR/><BR/>Mix those up, add in high unemployment rate that is draining resources from the government and you have a recipe for disaster.<BR/><BR/>At least with sales tax, you can easily increase it by a 1/2 a penny and people will accept it. <BR/><BR/>But I'm against taxes in general. Smaller government and less socialization is the way to go.Unknownhttps://www.blogger.com/profile/16392417533496814985noreply@blogger.comtag:blogger.com,1999:blog-3471471289744825428.post-53603325894827519722008-12-05T20:23:00.000-08:002008-12-05T20:23:00.000-08:00The last recession I lived through (as a working p...The last recession I lived through (as a working professional) was 2001-2002, which was precipitated by the collapse of the dotcom bubble and the 9/11 attacks. In that recession incomes dropped substantially across the country, while consumer spending remained relatively stable. I wasn't in Oregon at the time, but I recall reading an economist of policy expert arguing in favor of a sales tax in Oregon to diversify the revenue base. I can understand that only if we limit ourselves to analyzing and preparing for the last recession.<BR/><BR/>Government tax revenues will rise and fall depending on the specifics of the the economy, and the specific type of tax applied. Nevertheless, employment tends to lag the economic cycle by about 5 quarters, so the collapse which started in 2007 didn't start affecting employment numbers until now. If we see a recovery in the middle of 2009 (and we may not), we shouldn't expect employment to improve until late 2010 or 2011 at the earliest. Don't expect 2009 and 2010 to be banner years for Oregon's tax collectors.Greg Thttps://www.blogger.com/profile/14077706740772451079noreply@blogger.com