Oregon’s current budget Oregon enacted its FY 2022-2023 biennial budget in June 2021. The enacted budget included $112.8 billion in total fund spending and $26.8 billion in general fund spending over the two-year period. The general fund total was 12 percent higher than the previously enacted budget.
How much money does Oregon state make a year?
General and Lottery Funds portions amount to $23.7 billion, and Other Funds and Federal Funds are $37.9 billion and $24.2 billion respectively for the 2019–2021 budget.
What is Oregon’s main source of income?
The personal income tax is the largest source of state tax revenue, expected to account for 86% of the state’s General Fund for the 2019–21 biennium. Oregon’s taxable income is closely connected to federal taxable income.
What states generate the most money?
Richest U.S. States by GDP
- 1. California. California, the nation’s most populous state, has the largest state GDP of $3,120,386,000. California’s median household income is $80,440, the sixth-highest in the U.S.
- Texas.
- New York.
- Florida.
- Illinois.
How much money does Oregon make from taxes?
Oregon has a graduated individual income tax, with rates ranging from 4.75 percent to 9.90 percent. There are also jurisdictions that collect local income taxes. Oregon has a 6.60 percent to 7.60 percent corporate income tax rate and levies a gross receipts tax.
How is Oregon economy?
Oregon’s economy entered the 2019–2021 biennium with job growth that was faster than the nation, and unemployment rates that were at historic lows. Oregon’s job growth slowed in the autumn of 2019, however, and by the end of 2019 job growth was lagging behind the nation slightly.
Where does Oregon tax money go?
General Fund dollars come almost entirely from income taxes paid by individual Oregonians and Oregon businesses. The General Fund is also the most discretionary source of funds that the Governor and Legislature may spend. Other Funds are the largest single category of revenues the state receives for the state budget.
Is Oregon a poor state?
In 2018, after eight years of uninterrupted economic growth, Oregon’s poverty rate stood at 13 percent, meaning that more than one in 10 Oregonians met the official definition of poverty and likely lacked one or more basic needs. [3] This represents more than 516,000 Oregonians, including 134,000 children.
Who is the largest employer in Oregon?
Intel
Major Employers Ranked by Employment
| Number | Name | Regional Employees |
|---|---|---|
| 1 | Intel | 22,000 |
| 2 | Providence Health & Services | 21,000 |
| 3 | Oregon Health & Science University | 18,048 |
| 4 | Nike | 13,964 |
Is Oregon a rich state?
The Gross Domestic Product (GDP) of Oregon in 2021 was $270.12 billion; it is United States’ 25th wealthiest state by GDP. The state’s per capita personal income in 2021 was $59,484.
Which states collect the most taxes?
The top 10 highest income tax states (or legal jurisdictions) for 2021 are:
- California 13.3%
- Hawaii 11%
- New Jersey 10.75%
- Oregon 9.9%
- Minnesota 9.85%
- District of Columbia 8.95%
- New York 8.82%
- Vermont 8.75%
Who pays the most taxes in USA?
The top 1 percent (taxpayers with AGI of $546,434 and above) earned 20.1 percent of total AGI in 2019 and paid 38.8 percent of all federal income taxes. In 2019, the top 1 percent of taxpayers accounted for more income taxes paid than the bottom 90 percent combined.
Which states use the most welfare?
2021’s Most & Least Federally Dependent States
| Rank (1 = Most Dependent) | State | State Residents’ Dependency |
|---|---|---|
| 1 | New Mexico | 1 |
| 2 | Alaska | 4 |
| 3 | Mississippi | 7 |
| 4 | Kentucky | 5 |
How does Oregon make money with no sales tax?
Both of those states have one thing in common: they are sales-tax-only states. Oregon is one of five states in the U.S. that does not have a sales tax. Instead, the way the legislature brings in revenues is through high-income and property taxes.
Is Oregon income tax higher than California?
Everyone’s income tax situation is different, but the Tax Foundation report on state individual income tax rates and brackets for 2021 compares the top state marginal individual income tax rates of the various states with California at 13.30 percent and Oregon at 9.90 percent.
Is Oregon a tax friendly state?
Oregon is moderately tax friendly. While the state does not tax Social Security benefits, it does tax other retirement income, like withdrawals from retirement accounts. Additionally, public and private pension income are partially taxed. Wages are taxed at standard rate and the marginal state tax rate is 9%.
What is the number 1 industry in Oregon?
Tourism. Tourism is one of the leading industries in this state, which is centered on Oregon’s natural features, including lakes, beaches, rivers, mountains, waterfalls, and forests.
What is the biggest industry in Oregon?
In Oregon, computer and electronic product manufacturing is the largest industry, accounting for 6.3% of the state’s total GDP of $253.6 billion. The industry’s annual economic output totals $16.1 billion, a 15.5% increase over the last five years.
Where does Oregon rank in economy?
41st
Economic Outlook Rank
Oregon is currently ranked 41st in the United States for its economic outlook.
How are Oregon tax dollars spent?
Revenues come mainly from tax collections, licensing fees, federal aid, and returns on investments. Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation.
Is Oregon a tax free state?
Even though there may be drawbacks, the five states that don’t have sales tax are Alaska, Delaware, Montana, New Hampshire and Oregon. Still, while all of these states do not impose sales tax, some of them do permit localities to levy some sales tax.