Measure 118 would increase corporate taxes and distribute the proceeds to all Oregonians regardless of their situation. (Getty Images)
Preliminary results show Oregon voters are trouncing Measure 118, which would increase corporate taxes and give all residents a yearly rebate.
According to the Secretary of State’s Office, 78% of voters oppose the measure while nearly 22% voted in favor.
One of two statewide citizen initiatives on the ballot, Measure 118 would add 3% the minimum tax for most businesses on sales over $25 million a year. Those proceeds would then be distributed to every resident, regardless of their age or situation, provided they lived in Oregon for at least 200 days in the applicable year.
The measure is the most controversial on the ballot and united an unusual coalition of political opponents and executives against it, including Democratic Gov. Tina Kotek, about 50 lawmakers from both parties, labor unions and more than 200 companies and business groups. Opponents raised $19.4 and flooded the airwaves with TV ads, saying the measure would amount to a sales tax and cost consumers money. The idea is that corporations would raise prices to pay the tax and then raise consumer prices to pay for it.