Weather or Not: Slight Chance of Damp

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Jul 192017
 

Wednesday, July 19th – Lincoln County

Summary: Mostly sunny, light wind yesterday; mixed skies, calm overnight.

Past 24 Hours High/Low/Gust/Rain…
Lincoln City: 68F/54F/23mph/0.00”
Depoe Bay: 67F/51F/16mph/0.00”
Newport: 63F/46F/21mph/0.00”
Waldport: 66F/53F/18mph/0.00”
Yachats: 67F/54F/18mph/0.00”

Newport Airport Conditions…
Ceiling: broken @ 1,700’
Visibility: 10 miles/Wind: calm/Altimeter: 30.16”

Forecast: A weak low-pressure system offshore is affecting our area resulting in a few more clouds today, but still look for partly to mostly sunny skies, light northwest wind and a high in the low- to mid-60s. Increasing clouds tonight with a slight possibility of light rain or drizzle, low about 55F. Tomorrow, there’s a 20% chance of rain in the morning followed by some sunshine in the afternoon and highs of 60-65F. Outlook is for mainly clear, sea breezy and seasonal temps Friday through Tuesday with the thermometer running about normal for July as highs reach 60-65F, maybe 70F on Saturday, and lows dipping to 50-55F.

wxon-twitterBe sure to follow Weather or Not’s Twitter feed to keep current on the latest conditions. You’ll get updated travel info and notification of any new advisories, watches or warnings. Follow @chrisburnswx.

Travel: In the Coast Range this morning, highways are dry, temps 45-50F. Willamette Valley roads are dry, thermometer readings 45-55F. The Columbia River Gorge has dry pavement, temperatures 55-60F. For the Cascades, highways are dry, 40-45F, the free air freezing level is above 12,000 feet. * An interactive map of the latest Northwest/Central Oregon travel weather is available here. Also, motorists should always visit ODOT’s TripCheck before hitting the road.

Marine: Winds are light and variable this morning with seas 2 feet at 6 seconds. About as quiet as gets for Central Coast waters through Friday. Then, northerly winds should increase above Small Craft Advisory thresholds over the weekend and linger into early next week. Seas rise into the 5-7 foot range for the first half of next week. * Full text of the latest marine forecast is available here. And, make sure you check the latest Bar Reports before venturing offshore.

On the Beach… Partly sunny, light breeze, surf 2 feet (low).
* For a safe and enjoyable time on the Central Coast, the Oregon Parks & Recreation Department offers these Beach Safety Tips.
* Tides
07/19 Wed 9:54 AM 5.84 H
07/19 Wed 3:03 PM 2.49 L
07/19 Wed 9:31 PM 8.75 H
07/20 Thu 4:27 AM -0.80 L

In Short: Mixed skies, drizzle/light rain possible, then clearing and warmer.

Strong earthquake between west end of Aleutian Islands and Russia

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Jul 182017
 

10:30pm
A tsunami warning was issued for the Pacific Northwest of the U.S. this evening but was quickly cancelled after monitoring buoys and other observations in that region of the world indicated the tsunami was very weak and would pose no danger to the west coast of the U.S.

Public invited to a big “Toledo Thank You” well earned by former Port Commissioner Greg Harrison

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Jul 182017
 

Gregg Harrison
Port of Toledo Commissioner from July 15, 1997 – June 30, 2017

The Port of Toledo is hosting a BBQ this Saturday in honor of retiring Port Commissioner Gregg Harrison. The community is invited to celebrate with us as we thank Gregg for his 20 years of service to the citizens of the Port District. The BBQ will be at the Pavilion at Waterfront Park in Toledo, on July 22, 2017 at 12:30 pm.

As a respected CPA and community member, Gregg has provided positive guidance to the Port for the past two decades. He also provided the inspiration for the paint selection of the Port’s mobile vessel lift.

Please RSVP to the Port Office of call for more information, 541-336-5207 or email info@portoftoledo.org

Traffic alert north of Florence

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Jul 182017
 

5:30pm
U.S. 101 is now open in both directions 11 miles north of Florence. An earlier head-on crash closed the roadway.

Oregon’s jobless rate remains under 4% in June

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Jul 182017
 



Oregon Adds 8,500 Jobs in June – unemployment rate remains near record lows

Oregon’s unemployment rate was little changed at 3.7 percent in June. The rate remained near its all time low of 3.6 percent reached in May. Oregon’s rate was significantly below its year-ago rate of 5.1 percent in June 2016 and well below the U.S. unemployment rate of 4.4 percent in June 2017.

In June, Oregon’s nonfarm payroll employment grew by 8,500 jobs, following a gain of 2,600 in May. The June increase was the largest gain since February 2016 when 9,600 jobs were added. Gains were widespread among the major industries, with 11 of the 14 industries adding jobs. Leisure and hospitality added the most, increasing by 2,100 jobs. In addition, strong hiring occurred in construction (+1,600 jobs) and manufacturing (+1,400). Financial activities was the only major industry to cut substantially, as it shed 800 jobs.

Over the past 12 months, Oregon’s payroll employment rose 47,300, or 2.6 percent. This rapid pace was an acceleration from earlier in the year when over-the-year growth was hovering around 2.0 percent.

Other signs of a tight labor market in Oregon include fewer long-term unemployed and falling measures of labor underutilization. The number of Oregonians who have been unemployed for more than six months dropped to 10,700 in June, the lowest on record dating back to 2002. In contrast, the long term unemployed reached a peak of more than 100,000 in 2010, during the aftermath of the Great Recession.

Meanwhile, U-6–the broadest measure of labor underutilization, which includes the unemployed, those who have stopped looking for work within the last year but still want a job, and those who are working part-time but would prefer to work full-time–dropped to 7.4 percent in June. This was by far Oregon’s lowest U-6 since comparable records began in 2002, and was a continuation of its downward trend since reaching a peak of 21.1 percent in May 2009. In recent months, Oregon’s labor market tightened so rapidly that Oregon’s U-6 dropped below the national U-6 of 8.6 percent in June 2017.

Depoe Bay to test emergency sirens THIS THURSDAY, 10AM-2PM

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Jul 182017
 

Emergency siren and voice messaging test Thursday, July 20, between 10am to 2pm.
THIS IS ONLY A TEST!


Depoe Bay will be testing their emergency notification siren and voice messaging system this Thursday, July 20th, sometime between the hours of 10am and 2pm. Residents of Depoe Bay proper will hear the sirens and also also voice messages – but it’s only a test. Repeat, IT’S ONLY A TEST.

Delay in Newport’s efforts to acquire fire boat…

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Jul 182017
 

Move to acquire Newport Fire Boat hits a temporary snag. Year delay in acquiring the boat.


A recent effort to acquire funding for a fire boat to better protect Newport waterfront buildings, boats and ships has hit a snag. While the city of Newport was gearing up to apply for a grant to fund the fire fighting vessel, new federal rules were being enacted, which made Newport’s timing for the federal grant application literally dead in the water.

So Newport Fire Chief Rob Murphy and City Manager Spencer Nebel have informed the city council that they’re going to delay the grant until the city complies with the new federal requirements, which we’re told the city can do, and then re-apply for the fire boat grant next year.

Here’s Chief Rob Murphy’s memo to Mr. Nebel.

The Future of the Federal Estate Tax

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Jul 182017
 

Click here for Details

Duane J. Silbernagel
Financial Advisor
Waddell & Reed

Future of the Federal Estate Tax
Provided By: Duane J. Silbernagel CFP®

While no one can predict the future, the possibility of tax reform is once again in the spotlight. If it occurs, it may very well include repeal of the federal estate tax and related changes to the federal gift tax, the federal generation-skipping transfer (GST) tax, and the federal income tax basis rules.

History of the federal estate tax

In general, an estate tax is a tax on property a person owns at death. In one form or another, a federal estate tax has been enacted or repealed a number of times since 1797.

*For 2010, the estate tax was repealed, but later retroactive legislation provided that an estate could elect to be subject to estate tax in return for a stepped-up (or stepped-down) income tax basis for most property. The estate tax was extended in 2011, with some changes.

The estate tax has undergone many changes over the years, including the addition of a federal gift tax and a federal GST tax during modern times. A gift tax is a tax on gifts a person makes while alive. A GST tax is a tax on transfers to persons who are two or more generations younger than the transferor. In recent years, property owned at death has generally received an income tax basis stepped up (or down) to fair market value at death.

During the 2000s, the estate, gift, and GST tax rates were substantially reduced, and the gift and estate tax lifetime exclusion and the GST tax exemption were substantially increased.

The estate tax and the GST tax, but not the gift tax, were scheduled for repeal in 2010 (although certain sunset provisions would bring them back unless Congress acted), but legislation extended the estate tax and the GST tax in 2011. (For 2010, the estate tax ended up being optional and the GST tax rate was 0%.) The gift and estate tax lifetime exclusion and the GST tax exemption were increased to $5,000,000 and indexed for inflation in later years. For 2013, the top estate, gift, and GST tax rate was increased to 40%, and the extension and modifications were made “permanent.”

Federal estate tax

Repeal of the estate tax seems possible once again. If repeal occurs, it could be immediate or gradual as during the 2000s. Would it be subject to a sunset provision, so that the estate tax would return at a later time? All of this may depend on congressional rules on the legislative process, other legislative priorities, and the effect the legislation would have on the budget and the national debt.

Federal gift tax

If the estate tax is repealed, the gift tax may also be repealed. However, it is possible that the gift tax would be retained as a backstop to the income tax (as in 2010). To some extent, the gift tax reduces the ability of individuals to transfer property back and forth in order to reduce or avoid income taxes.

Federal GST tax

If the estate tax is repealed, the GST tax would probably be repealed (as in 2010). If the gift tax is not repealed, it is possible that the lifetime GST tax provisions would be retained, but the GST tax provisions at death repealed.

Federal income tax basis

If the estate tax is repealed, it is possible that the general income tax basis step-up (or step-down) to fair market value at death would be changed to a carryover basis (i.e., the decedent’s basis before death carries over to the person who inherits the property). In 2010, a modified carryover basis (a limited amount of property could receive a stepped-up basis) applied unless the estate elected to be subject to estate tax. It is also possible that a Canadian-style capital gain tax at death could be adopted in return for a stepped-up basis for the property.

1 2015 Field Guide to Estate Planning, Business Planning & Employee Benefits

I hope you found this beneficial and informational. For more information about me and my services, visit my website:
www.duane.wrfa.com
Thank you for your interest.
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Weather or Not: Minor Changes

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Jul 182017
 

Tuesday, July 18th – Lincoln County

Summary: Mostly sunny, windy yesterday; mainly overcast, foggy overnight.

Past 24 Hours High/Low/Gust/Rain…
Lincoln City: 65F/53F/24mph/0.00”
Depoe Bay: 62F/50F/24mph/0.00”
Newport: 61F/46F/29mph/0.00”
Waldport: 61F/52F/22mph/0.00”
Yachats: 63F/53F/25mph/0.00”

Newport Airport Conditions…
Ceiling: broken @ 900’
Visibility: 10 miles/Wind: E 5 mph/Altimeter: 30.09”

Forecast: We’re expecting some minor changes in our weather pattern over the next couple of days. Today should still be nice and sunny, highs 60-65F but lighter north winds. Increasing clouds tonight with some fog and/or drizzle late, low in the low-50s. Tomorrow, possible patchy drizzle in the morning followed by partly sunny skies, high of 60F. Outlook is for a slight chance of light rain tomorrow night and Thursday, then mainly clear and sea breezy Friday through Monday. The mercury is projected to rise a bit during the latter part of the week as highs reach 65F or better and lows dip to 50-55F.

wxon-twitterBe sure to follow Weather or Not’s Twitter feed to keep current on the latest conditions. You’ll get updated travel info and notification of any new advisories, watches or warnings. Follow @chrisburnswx.

Travel: In the Coast Range this morning, highways are dry, temp 50F. Willamette Valley roads are dry, thermometer readings 55-60F. The Columbia River Gorge has dry pavement, temperatures 55-60F. For the Cascades, highways are dry, 45-55F, the free air freezing level is above 12,000 feet. * An interactive map of the latest Northwest/Central Oregon travel weather is available here. Also, motorists should always visit ODOT’s TripCheck before hitting the road.

Marine: Winds are light and variable this morning with seas 3 feet at 6 seconds. Winds and seas continue to slowly ease. Seas are dominated by wind driven waves or a fresh swell. As the offshore high-pressure system weakens and is replaced by a weak low over the next couple of days, winds will be weaker through the rest of the week, leading to rather benign winds and seas lasting into the weekend. * Full text of the latest marine forecast is available here. And, make sure you check the latest Bar Reports before venturing offshore.

On the Beach… Mostly sunny, light sea breeze, surf 2-3 feet (low).
* For a safe and enjoyable time on the Central Coast, the Oregon Parks & Recreation Department offers these Beach Safety Tips.
* Tides
07/18 Tue 8:35 AM 5.57 H
07/18 Tue 1:56 PM 2.18 L
07/18 Tue 8:34 PM 8.34 H
07/19 Wed 3:27 AM 0.02 L

In Short: Clear, increasing clouds, drizzle/light rain possible, then clearing again.