PORTLAND, Ore. — An Oregon ballot initiative wants to raise corporate taxes in order to help put more money in every Oregonian’s wallet – money that’s non-taxable and doesn’t affect income benefits. If passed, the income program would give every resident in the state, including children, an estimated $750 annually from corporate taxes.The idea is a big push from the Oregon Rebate initiative, which aims to increase minimum corporate taxes from less than 1% to 3%. Oregon Rebate notes that the “largest corporations” pay less than 1% in Oregon tax, while civilian taxpayers pay between 5-10% in Oregon tax.”The Oregon Rebate is ballot initiative for the 2024 election that will rebate about $750 to every Oregonian (including children and all other Oregonians) every year; after increasing the minimum tax rate for the biggest corporations doing business in Oregon,” the initiative explains in a mission statement.The new revenue stream from the tax increase would go directly to Oregon citizens – a sum of up to $3 billion a year infused into the population, Oregon Rebate claims. The group also notes that local small businesses would not be affected by the tax increase as the rebate would only increase taxes on corporations making more than $25 million a year.According to the organization, the rebate for a four-person household would be roughly $3,000 and isn’t taxable in the state.
“The REBATE for the median Oregon household (3 people, earning $56, 116) will be about $2,250, the equivalent of receiving a 4.0% salary increase,” the organization says.
Oregon Rebate additionally claims that this money could reduce child poverty in Oregon by 26%. A calculator on the website allows viewers to see the estimated rebate their household would receive per year. Those who qualify include any Oregonian who has been a resident for more than 200 days of the previous year, including children, business owners, and employees.The Oregon Rebate initiative is currently in the petition stage. If it qualifies, it will appear on the ballot for the November 2024 election.More information can be found HERE