Measure 118 is more of a thought experiment than a credible ballot measure.
But despite the many problems with its proposal to increase corporate taxes to fund cash payments for Oregonians, the measure does contain, to borrow a phrase from the recent presidential debate, some interesting “concepts of a plan” to improve our current system of taxing and spending in Oregon.
I expect a majority of Oregonians, myself included, will reject Measure 118 as a product of wishful thinking and sloppy, back-of-the-napkin drafting. But there are elements in the measure that raise questions worth considering.
One brings to mind Oregon’s tax kickers and whether the state should restructure such rebates to provide equal amounts to all Oregonians. The other is whether new taxes of any kind should be dedicated to certain purposes beyond funding for services, such as creating savings accounts for our children.
Measure 118 would tax the sales of large corporations under the guise of a minimum tax and return the entirety of its tax proceeds in equal amounts to every resident of the state every year.