Measure 118 is good for you and all Oregonians!
Read the full text here
Every Oregonian will get a rebate of about $1,600 - The rebate will go to every person living in Oregon for more than 200 days, including minors and dependents. According to the State of Oregon’s analysis of fiscal impact, the median amount of the rebate in the first three years is $1,605. This cash will have a profound impact on all Oregon families and the state’s economy.
A huge tax break for you and your household - You can claim the rebate as cash or as a fully refundable tax credit for yourself and every member of your household. If you owe less Oregon taxes than your rebate, you’ll get the cash (like another kicker, every year). According to the Legislative Revenue Office (LRO) households making less than $40,000 won’t have any Oregon tax liability whatsoever after the Measure 118 passes.
More cash in your pocket boosts local businesses & the economy - Collectively, we are all going to be over $6 billion richer every year, and as we shop local our local businesses will similarly thrive (these small business owners and their employees will also get their rebates). According to the State of Oregon’s analysis of fiscal impact, Measure 118 will also help balance the playing field between small local businesses that currently pay way more in taxes than the huge, mostly out-of-state corporations that will have to pay the new 3% after whatever money they make after $25 million in Oregon (for giant corporations, their first $25 million of revenue remains basically tax-free).
Cuts childhood poverty in half - Measure 118 will decrease the poverty rate in Oregon by 36% and gives options to families. Estimates show the measure will decrease childhood poverty in Oregon by 49% and reduce poverty among senior Oregonians by 9%.
Efficient, low overhead program - The state of Oregon already has the infrastructure to return cash to us and we’ll piggyback on those processes. Most Oregonians will choose to receive the rebate as a tax credit, but you can choose to receive it as cash. The rebate program is not “means-tested” so it’ll be easier, cheaper, and faster to implement. The state is “held harmless”, meaning they won’t be liable for any costs nor will they absorb excess revenues.
Rebates are paid for by giant corporations like Comcast
Only taxes giant corporations after $25M of in-state revenue - Measure 118 would increase the minimum corporate tax rate after $25 million of in-state revenue by 3%. Only about 2,000 of Oregon’s 64,000 corporations will see a tax increase. Most of the 2000 are large multinational corporations and all but a handful of them are based outside of Oregon.
These giant corps pay essentially zero state income tax - Currently, most large corporations operating in Oregon dodge the state’s 7.6% income tax and instead pay just the minimum rate of less than 0.12% on state revenue. For example, a company making $26M in Oregon revenue each year currently paying the Corporate Minimum Tax pays $30,000, a tax rate of only 0.11%. After the Oregon Rebate, this same corporation will pay the same $30,000 (that stays in the General Fund) plus 3% of the “excess over $25 million,” or $1 million. 3% of $1 million is $30,000. Combined, the current $30,000 plus the new $30,00 adds up to $60,000, which is 0.23%.
You pay way more taxes than these corporations - It’s not fair that huge corporations like Comcast pay an effective tax rate of 0.11% while Oregonians and Oregon small businesses (LLCs) pay an Oregon tax somewhere between 4.75% and 9.9% in taxes! Oregon Rebate levels the playing field.
Don’t believe the lies, corporations will be fine - Multinational corporations like Comcast are not going to stop operating in Oregon because they have to pay slightly more in taxes. More money in the pocket of Oregonians will boost our economy and mean more jobs, opportunities and taxable revenue.