Measure 118 promises Oregonians more money, but it could come at a cost (www.opb.org)

submitted 2 months ago by jordanlund@lemmy.world to c/portland_oregon@lemmy.world

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Been seeing a lot of anti-118 ads lately, specifically talking about the harms to "small business" so I had to look it up myself:

FTA above:

"Measure 118 would slap a 3% tax on a business’s Oregon sales above $25 million, then divvy up the money raised among Oregon’s more than 4 million residents, no matter their age.

An analysis by state revenue officials suggests the policy would reap more than $6.5 billion a year, even though it raises taxes on fewer than 2% of businesses. The measure could then send around $1,600 a year to every Oregonian beginning in 2026 — either via tax credits or direct payments."

So, first, if your business generates more than $25 million in sales ($68,493.15 every day!) - you are NOT a "small business".

2nd, we definitely need reform on business taxes to make sure businesses are paying their fair share.

3rd, I'm not so sure $1,600 direct payments to Oregonians is the best use of those tax dollars. It should be used to reduce our overall tax burden. Maybe increase the standard deduction by $1,600 or some such.

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[-] jordanlund@lemmy.world 2 points 2 months ago

The "blank check for Salem" as noted in the article, is that the State Government can alter the bill once it passes. So that $1,600 a year might be $300 a year, might be $0 a year, nobody knows.

this post was submitted on 04 Oct 2024

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