We have fantastic news to announce: The Oregon Rebate has qualified as Measure 118 for the November 2024 ballot!
Measure 118 will increase the minimum corporate tax rate by 3% after $25 million in state revenues. The proposed increase will raise at least $6 billion annually, resulting in annual refunds of $1,600 for all 4.2 million Oregonians when fully implemented in 2027, according to estimates from the Legislative Revenue Office report.
$1,600 a year for a four-person household is $6,400 a year! Lump sum payments like this can be enough to break the cycle of debt that keeps Oregonians in poverty. The measure is expected to reduce Oregon’s overall poverty rate by 36% and child poverty by 53%. Together, we can make this happen by demanding that corporations finally pay their fair share.
Currently, the largest and most profitable corporations manage to pay minimal or no income taxes through various distortionary tactics, tax credits and incentives, or structuring maneuvers to minimize tax liability. According to recent reports, 34% of the largest corporations do not pay a single dollar of federal income tax. And despite reporting profits, 17 major corporations such as Tesla and T-Mobile not only paid no federal income tax for five years, but even received refunds. These same corporations paid their top executives a total of $5.3 billion during the same period, while themselves paying zero dollars to support essential public services or local relief efforts.
If businesses can afford discounts themselves, they can also afford to give discounts to the citizens of Oregon.
Companies like Comcast and their special interest backers often resort to scaremongering, such as threatening to raise prices if fairer corporate tax increases are voted on, but this distracts from their record-breaking profits. Corporate profits were 54% higher in 2023 than in 2019, largely due to inflation. A recent report shows that 53 cents of every dollar of inflation-related price increases came from corporate profits in the second and third quarters of 2023. Since the pandemic began, corporate greed has been responsible for nearly a third of all inflation.
Established politicians in Oregon, including Governor Tina Kotek and leaders in the state legislature, have joined forces with Koch Industries and advocacy groups like the Western States Petroleum Association to fight against Measure 118. However, the Oregon Rebate team saw growing support from ordinary Oregonians, submitting over 170,000 signatures to get it on the ballot.
It is the will of the people of Oregon that will determine the fate of Measure 118, not the will of politicians who are often funded by these same corporations. We are not seeking the support of politicians because we do not need it – the power is with us.
I ask that you please consider donating to our campaign. We are in a great position, but we need your support now more than ever. Thank you for your consideration.
In solidarity,
Antonio Gisbert
Main applicant
OregonRebate.org
