Every Oregonian could receive $750 a year with new corporate tax increase ballot measure

An Oregon ballot initiative wants to raise corporate taxes in order to help put more money in every Oregonian's wallet - money that's non-taxable and doesn't affect income benefits.
If passed, the income program would give every resident in the state, including children, an estimated $750 annually from corporate taxes.
The idea is a big push from the Oregon Rebate initiative, which aims to increase minimum corporate taxes from less than 1% to 3%. Oregon Rebate notes that the "largest corporations" pay less than 1% in Oregon tax, while civilian taxpayers pay between 5-10% in Oregon tax.
“Oregon Rebate is a pragmatic solution for Oregonians struggling to keep up with rising living expenses,” Chief Petitioner Antonio Gisbert said in a statement to KATU.
The proposal would raise at least $3.15 billion annually, which is enough for $750 rebates to all 4.2 million Oregonians every year, Gisbert noted.
"The Oregon Rebate is ballot initiative for the 2024 election that will rebate about $750 to every Oregonian (including children and all other Oregonians) every year; after increasing the minimum tax rate for the biggest corporations doing business in Oregon," the initiative expanded on in a previous statement.
The new revenue stream from the tax increase would go directly to Oregon citizens - a sum of up to $3 billion a year infused into the population, Oregon Rebate claims.
The group also notes that local small businesses would not be affected by the tax increase as the rebate would only increase taxes on corporations making more than $25 million a year.
According to the organization, the rebate for a four-person household would be roughly $3,000 and isn’t taxable in the state.
"The REBATE for the median Oregon household (3 people, earning $56, 116) will be about $2,250, the equivalent of receiving a 4.0% salary increase," the organization says.
Oregon Rebate additionally claims that this money could reduce child poverty in Oregon by 26%.
A calculator on the website allows viewers to see the estimated rebate their household would receive per year. Those who qualify include any Oregonian who has been a resident for more than 200 days of the previous year, including children, business owners, and employees.
The Oregon Rebate initiative is currently in the petition stage. If it qualifies, it will appear on the ballot for the November 2024 election.
However, Oregon Business and Industry, a non-profit, plans to oppose the rebate and its corporate taxes.
"IP 17 [Oregon Rebate] would impose a massive tax increase in Oregon. If it qualifies for the ballot, our organization will be involved in a campaign against it, and we are confident that when voters look at the facts, they will vote to reject it," says OBI President and CEO Angela Wilhelms.
katu.com/news/local/every-ore...
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[@cphipps1969]

Sure, who wouldn’t want an extra $750, but if the tax drives businesses & jobs out of Oregon, where will that leave us?

[@Chris4Bama]

More taxes to steal more money with a promise to give some back. BRILLIANT!!!

[@jamesklaatu9359]

My economics professor put it simply. Businesses don't pay taxes, you do. Taxes are a cost of doing business. They have to pass it on in the cost of goods and services. It's called inflationary. Good Lord, the takers have out numbered the producers in the state.

[@BeeKaye]

$750 is not going to reduce poverty.

[@THATMOFODIRT]

You cannot tax your way into prosperity.

[@EM-re5xq]

A good way to drive away business. So stupid. That's a ~$3B tax. AND if $750\yr makes a difference in your life, you're already screwed.