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Joe Cortright_Opportunity Dividend Summit
 

Joe Cortright_Opportunity Dividend Summit

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  • On the eve of our
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Joe Cortright_Opportunity Dividend Summit Joe Cortright_Opportunity Dividend Summit Presentation Transcript

  • The Fiscal Return on Education Joe Cortright March 2010
  • Synopsis
    • Revenue
    • Expenditure
    • A Thought Experiment
  • Revenue
  • Education & Income Oregon household income by education of household head, 2008
  • Distributions
  • Taxes & Attainment Educational Level of Household Head Median AGI Tax Rate Total Tax Less than HS 23,500 4.1% 1,000 High School Diploma 38,900 4.5% 1,800 1 to 3 Years of College 45,700 4.6% 2,100 4 Year Degree or Higher 64,800 4.8% 3,100
  • Most Taxes Come from Well Educated Educational Level of Household Head Households Income Taxes Less than HS 5.5% 1.8% High School Diploma 24.5% 15.7% 1 to 3 Years of College 34.0% 29.0% 4 Year Degree or Higher 36.0% 53.4%
  • Expenditure
  • Health Plan
  • Welfare
  • Unemployment Insurance
  • Corrections
  • A Thought Experiment
  • What if? What if we moved 10,000 people from the category “high school graduate” to the category “four year college graduate”? What would be the effect on state revenues? What would be the effect on state expenditures?
  • Revenues
    • Revenue Per 4 Year Degree Holder 3,100
    • Revenue per High School Graduate 1,800
    • Difference per household 1,300
    • Adjustment for Household Size .60
    • Difference per person $800
    • Aggregate Gain: $8 million annually
  • Expenditures
    • Program Participants Cost Savings
    • Welfare -160 8,500 1,360,000
    • Health Plan -490 5,000 2,450,000
    • UI -660 4,250 2,805,000
    • Corrections -151 17,000 2,567,000
    • Total 9,182,000
  • Net Gain
    • Moving 10,000 from HS Graduate to 4-Year College Degree would produce annual gains of
    • Revenue: $8 million added
    • Expenditure: $9 million saved
    • Net Gain: $17 million
  • The Fiscal Return on Education Joe Cortright January 2010
  •