Proposed ballot measure to raise corporate taxes, give every Oregonian $750 a year likely to make November ballot

OregonLive ^ | 06/18/2024 | Carlos Fuentes

[aimhigh]

Oregon voters will likely decide in November whether to establish a historic universal basic income program that would give every state resident roughly $750 annually from increased corporate taxes.

The proposal, Initiative Petition 17, would establish a 3% tax on corporations’ sales in Oregon above $25 million and distribute that money equally among Oregonians of all ages. As of Friday, its backers had turned in more than 135,000 signatures, which is higher than the 117,173 required to land on the ballot.

[aimhigh]

The is a liberal method of diverting contributions away from Republican candidates.

[MtnClimber]

When all corporations leave Oregon...then what?

[algore]

I can understand the alaska oil “permanent fund”

but this is just stupid. I wonder how much it will end up costing each resident over 21 ?

[Dutch Boy]

They are going to be stunned when those corporations they tax to get the “free” money start increasing prices.

[E. Pluribus Unum]

The proposal, Initiative Petition 17, would establish a 3% tax on corporations’ sales in Oregon above $25 million and distribute that money equally among Oregonians of all ages.

"Democracy" is two wolves and a sheep voting on what's for dinner.

"Vote for this and we will split the loot with you."

[BitWielder1]

Corporate taxes is a tax on every customer who now have to pay more for the product, and on every employee who won't get a raise.

[vikingd00d]

>>Every Oregon resident would be able to claim the money either in cash or as a refundable tax credit, regardless of whether they have filed personal incomes taxes, according to the ballot initiative draft.

Notice that the funds go to illegal aliens as well.

[Red Badger]

What was that Marx quote?

A republic will last only until the people discover they can vote themselves money from the public treasury.............

[blackdog]

A government can only "give" what it has "taken" from someone else, or issued bonds to go in debt further to "give" out even a single $1.

Idiots.

[Dr. Sivana]

In other news, HPE announces studies to reduce presence in Oregon, and expand in Idaho.

[blackdog]

That was a Jefferson quote. That’s why they hate him. He knew what was stewing in the loins of idiots about the country.

[Obadiah]

Hmmm... anyone think shareholders are going to sit back and welcome decreased quarterly and annual earnings? Or do you think corporate executives will increase margins so as to not show the decline in their bottom line? Do good executives increase earnings or do they allow company revenue to shrink?

I know these are brain teaser questions, I assume some of these voters at least had a course in grade school economics.

[Jeff Chandler]

3% tax on corporations’ sales

What does that mean? Are they raising the sales tax, but only for corporations? Do they intend to tax wholesale purchases, but again, only for corporations?

[Tell It Right]

The proposal, Initiative Petition 17, would establish a 3% tax on corporations’ sales in Oregon above $25 million and distribute that money equally among Oregonians of all ages. As of Friday, its backers had turned in more than 135,000 signatures, which is higher than the 117,173 required to land on the ballot.

My thoughts:

1) This is a tax on sales, not profit. Some of the affected corporations may not make much profit over 3%.

2) How many corporations sell more than $25 million in Oregon? Are we talking about only a few corporations? They clearly aren't the small business LLC single owner corporations.

3) Maybe I'm missing something or my math is off. I'm having trouble seeing enough sales in Oregon for this to add up. For every Oregonian to get $750 per year from this, if the Oregon population is 4.2 million, then for everybody to get $750 that's $3.2 billion. To get that amount from a 3% sales tax, then we're talking $105 trillion in sales...in Oregon...from the corporations that sell more than $25 million in Oregon (the first $25 million isn't taxed).

Is that much sold in Oregon? Are my numbers off, or did I miss details from the article?

[The_Media_never_lie]

Money for nothing, chicks for free!

[PAR35]

Let’s see - what necessities can those tech millionaires now afford with an extra $750. A nice bottle of wine and some caviar?

Oregon corporations aren’t going to be supporting real Republicans anyway.

[gunnut]

When the people find that they can vote themselves money, that will herald the end of the republic. Sell not liberty to purchase power. — Ben Franklin

[fwdude]

“3% tax on corporations’ sales in Oregon above $25 million...”

Understand that this taxes REVENUES, not net income.

Many industries operate on a very slim net profit margin. Restaurants for one. This will kill them.

[Jeff Chandler]

Okay, I read the article: they are raising the corporate excise tax.

increase the minimum excise tax to 3% on all corporations’ reported gross sales above $25 million

[Thorium90]

Probably a precursor to universal basic inome.