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By Giulia Carbonaro
Senior Reporter
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A proposed measure to create a universal basic income program which would put $750 in the pocket of every Oregon resident, including children, is likely to be put on the ballot in November.
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The initiative, Oregon Rebate, proposes to increase the minimum corporate tax rate for Oregon-based companies making more than $25 million per year in sales to 3 percent tax, whereas the current minimum sits under 1 percent.
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The amount raised would then be given to the Oregon's State Department of Revenue for rebate distribution, which means that every Oregonian—regardless of their age or income—would receive a guaranteed income. Any money left from the rebate would be used to fund services in favor of senior citizens, health care and public education.
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The proposal has passed the signature threshold of 117,173 needed to make it to the November ballot, having attracted more than 135,000 signatures as of June 14, as reported by Oregon Live. Now these same signatures must be certified by the office for the Oregon's Secretary of State.
"We are still collecting signatures and feel cautiously optimistic that we are doing the things we need to do to qualify for the November election," a spokesperson for Oregon Rebate told Newsweek. "Formally, the Secretary of State will make that determination by or around mid-July, and we'd be thrilled to chat again then for a deeper interview if you are interested."
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If the proposed measure reaches the ballot and is approved by voters, it should come into effect as of January 2025. Should it be approved, Oregon would become the first state in the U.S. to create a universal basic income program—a historic event that could embolden the universal basic income movement in the country and pave the way for other states to follow.
There are corporations and individuals in California who appear particularly interested in promoting the issue. Part of the contributions for the Oregon People's Rebate campaign came from Jones Holding LLC, a Los Angeles-based corporation controlled by investor and universal basic income supporter Josh Jones. The company made the highest contribution to the campaign, $425,000 out of the total $740,000 which Oregon People's Rebate received, according to Oregon Live.
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The second-highest contribution came from a related company, Los Angeles-based Jones Parking, Inc, which put in $95,000. The third-highest came from California's universal basic income supporter and software engineer Gerald Huff's foundation and his mother, who contributed $90,000 together. Huff died in 2018.
The rebate could have a tremendously positive impact in Oregon, according to the measure's proponents. On its website, Oregon Rebate estimates that the money—not taxable in the state—could reduce child poverty there by 26 percent. The rebate does not affect Oregonians' eligibility for income-based benefits.
But while the measure's proponents say that the rebate will only ask that big corporations in Oregon pay their "fair share" of taxes (Oregonians pay about 5 to 10 percent for the state income tax), its opponents say it will scare businesses away from the state.
In a statement to Newsweek, Oregon Business and Industry (OBI) President and CEO Angela Wilhelms said that the measure "would impose a massive tax increase in Oregon." She added: "If it qualifies for the ballot, our organization will be involved in a campaign against it, and we are confident that when voters look at the facts, they will vote to reject it."
Update, 6/27/24 4:35 a.m. ET: This article was updated to include comments from Oregon Rebate and OBI.
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