Dems REPASS PERS Bailout after $3.3B revenue boom forecast
Democrat Gov. Kate Brown today revealed that the state’s revenue forecast shows the state has taken in more than $3.3 billion in surplus revenue. The state’s kicker — which is a term used for the tax rebates given back to Oregonian s— totals $1.4 billion. So in response, Senate Republicans decided to recall House Bill 3427, the multi-billion PERS bailout passed this week under the guise of funding schools.
Recalling a bill is a procedural motion. Senate Rule 1010 says that if legislation passed out of both chambers has not been signed by the governor, then lawmakers can pull the bill back to the Senate Floor to vote. The Republicans did this because they are saying, if we have $3.3 billion in extra money, why not scrap the tax hike?
“The state obviously doesn’t need the HB 3427 tax because there is a surplus of funds, including $3.3 billion in new revenue, added to that is $1.4 billion kicker, the $650 million in corporate tax…which leaves a $5 billion surplus,” said state Sen. Brian Boquist, R-Dallas. “Hard-working Oregonians continue to be punished by the majority party through new taxes that the state doesn’t need.”
Kicker payments of this size are a once-in-a-decade event, per the Senate Republicans.
“Oregon’s economy is booming, contrary to the claims made by Democrats,” said Senate Republican Whip Dennis Linthicum, R-Klamath Falls. “The taxaholic supermajority threatens to undermine our state’s growth and we could see our economy jeopardized if tax and spend Democrats are not put in check.”
Story will be updated.