PORTLAND, Ore. (KOIN) — One of the most drastic tax changes in Oregon history will be on the ballot in November. If it passes, it could put hundreds, maybe even thousands of dollars in your family’s pocket.
Ballot Measure 118 is already getting a lot of attention. Especially from opponents who have pumped almost $6 million into the campaign to defeat it.
Labeled as the “Oregon Rebate,” Measure 118 would raise the corporate minimum tax by 3% on sales exceeding $25 million. The state revenue office says that’s an extra $7 billion a year.
The ‘Yes on Measure 118’ campaign says it would mean a $1,600 annual rebate for every Oregonian – essentially a universal income.
Measure 118 chief petitioner Antonio Gisbert, as well as leader of the ‘No on 118’ campaign Angela Wilhelms, discussed the implications of the measure on this week’s Eye on Northwest Politics.
Gisbert asserts the impetus for this measure comes from corporations not paying their fair share of taxes in Oregon.
“The minimum corporate tax rate after $25 million is less than 0.12%. And that is, to us, offensively low compared to what we pay in taxes between 4 .75 and 9 .9%. The second theme that emerged is that we all felt it was ever harder to make ends meet,” he said. “When we all have an extra 1,600 bucks or so our Main Street economies are going to flourish. Our overall economies going to flourish. We’re going to bring everybody up. We’re all going to do better.”