The nonpartisan Legislative Revenue Office (LRO) has released their report on the revenue implications of Measure 84, Kevin Mannix’s Estate Tax Break for Millionaires.
Their findings? It’s gonna cost us.
In short, if the measure passes, it will cost the state between $256 million and $600 million (or more) per biennium, once fully implemented.
The report also thoroughly debunked Mannix’s claim that the repeal might increase financial activity for the state. (Yes, he really went there, with another attempt to put forth the tired “Job Creators” argument.) The LRO examined national studies and found that the estate tax repeal has little to no impact on state migration.
For more information on the LRO’s findings, read Our Oregon’s press release here. The Oregonian also weighed in on the LRO’s findings, stating that the Legislative tax experts found that the measure “could have twice the drain on state revenues than officials first thought.”
Of course, the LRO was examining only direct revenue implications, so they didn’t even touch the matter of tax fairness. Because along with the report of how much this measure would cost the state should come a direct question of fairness around our state’s priorities:
Should we be giving even more tax breaks to millionaires when it comes at the cost of crowded K-12 classrooms, increasing cost of college tuition, and reduced human services?