PORTLAND, Ore. — An Oregon ballot initiative is making waves with its ambitious plan to raise corporate taxes, aiming to put more money directly into the pockets of every Oregonian. If passed, this initiative promises an annual, non-taxable income boost of approximately $750 for each resident, including children.
A Closer Look at the Initiative
The Oregon Rebate initiative seeks to increase the minimum corporate tax rate from less than 1% to 3%. According to the organization, the largest corporations currently pay less than 1% in Oregon tax, while individual taxpayers shoulder a burden of 5-10%. The proposed tax hike targets corporations earning over $25 million annually, ensuring that local small businesses remain unaffected.
The revenue generated from this tax increase would be funneled directly back to Oregon residents, potentially injecting up to $3 billion a year into the state’s economy. For a typical four-person household, this translates to an estimated $3,000 annually. The organization emphasizes that this rebate is non-taxable within the state, providing a significant financial boost without affecting income benefits.
For a median Oregon household of three people earning $56,116, the rebate would amount to approximately $2,250 per year. This is equivalent to a 4.0% salary increase, a substantial gain for many families. The initiative also claims that this additional income could reduce child poverty in Oregon by 26%.
Eligibility and Impact
To qualify for the rebate, residents must have lived in Oregon for more than 200 days in the previous year. This includes children, business owners, and employees. A calculator available on the initiative’s website allows households to estimate their potential annual rebate.
The Oregon Rebate initiative is currently in the petition stage. If it garners enough support, it will appear on the ballot for the November 2024 election. More information about the initiative can be found on their official website.
