Measure 118 promises Oregonians more money, but it could come at a cost
Measure 118 promises Oregonians more money, but it could come at a cost
The complex proposal to hike business taxes and divide the proceeds among residents is the most divisive measure on the Oregon ballot.
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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I worked at a few local boutique stores supplying them with IT work. Boutique like they sell art, hand crafted stuff, book stores, local hardware shop, etc.
None of them are breaking past $25 million in revenue.
Many are happy to hit $2-3 million, which gives them enough to pay their staff of 5-10 ppl.