A US state will hand a staggering $3.15 billion to residents per year if a historic guaranteed income program becomes law. A measure that would increase corporate taxes to hand cash directly to residents in Oregon is likely to make the November ballot, reports The Oregonian.
The program would give every adult resident in the state about $750 each year, funded by a 3% tax on corporations with more than $25 million in annual sales. According to the measure, the money would be sent to anyone who lives in the state for more than 200 days per year.
Proponents say they have more than 135,000 signatures to get the measure on the ballot – well above the minimum requirement of 117,173 signatures. The final step is for the Secretary of State to validate the signatures before the initiative goes to a popular vote this November.
Opposition and Economic Concerns
Opponents are now gearing up to fight the measure. Oregon Business and Industry, a leading statewide business association, says the corporate tax raise would hammer businesses and cause the cost of goods and services to spike.
“The proposed measure would impose a massive tax increase in Oregon. If it qualifies for the ballot, our organization will be involved in a campaign against it, and we are confident that when voters look at the facts, they will vote to reject it,” stated a representative from Oregon Business and Industry.
As the debate heats up, it’s clear that both sides are preparing for a battle that could reshape the economic landscape of Oregon. The potential impact on businesses and residents alike makes this a pivotal moment for the state.
Stay tuned for further updates as this story develops and as Oregonians prepare to cast their votes on this significant measure come November.
