Democratic leaders in the Oregon House and Senate have come out swinging against a November ballot measure that would hike taxes on corporations to send checks to every Oregonian.
Top Democrats in the House and Senate joined their Republican colleagues and Gov. Tina Kotek in opposing Measure 118, also referred to as the Oregon Rebate. The ballot measure, one of five statewide questions that will appear on the November ballot, would increase by 3% the corporate minimum tax on sales above $25 million and distribute proceeds to all Oregonians.
A recent legislative fiscal analysis estimated that the higher taxes would lead to a roughly $1,600 annual payout for all eligible Oregonians, from people scrounging up bottles and cans to earn 10 cents at a time to Oregon’s richest man, Nike cofounder Phil Knight.
It would result in about $7 billion more in tax revenue each year, though fiscal analysts say the state would end up with less money to spend on basic government services – about $400 million less in the 2025-27 budget cycle. And they predicted costs for goods would increase more with the new tax and rebate then they would without.