Proposals to tax big businesses and give rebates to all Oregonians have drawn criticism within the state and support from universal basic income advocates outside the state.
PORTLAND, Ore. — A ballot measure that would tax big business sales and distribute the money to all Oregonians is widely opposed by Oregon businesses, organizations and politicians on both sides of the aisle, but Californians in the tech industry People who advocate universal basic income, which is gaining support.
Bill 118 proposes a 3% tax on sales of businesses over $25 million in Oregon. The state estimates it brings in about $7 billion each year, enough to send about $1,600 to every Oregonian, regardless of age.
“$1,600 won’t solve every problem, but it will certainly help,” Antonio Gisbert, a petitioner supporting Bill 118, said in an earlier interview with KGW.
Gisbert said because big corporations don’t pay their fair share of taxes, Oregonians could do better with that money to invest in their communities.
“If we do that, our economy will thrive, especially Main Street, our local economy,” Gisbert said.
But opponents say Bill 118 is deeply flawed and would devastate the state’s economy.
“Oregonians are smart. They know that free money is never free,” said Angela Wilhelms, president of Oregon Business & Industry, a lobbying group that opposes Measure 118.
State estimates project the ballot measure would take a huge bite out of Oregon’s general fund budget, forcing cuts in areas such as education, public safety and health care, while accelerating inflation.
“Consumers are going to have to pay this huge tax, which is the largest tax increase in Oregon history. And they understand that when you tax sales, the natural consequence is higher prices. I think so,” Wilhelms said.
As a result, an overwhelming majority of Oregon organizations, businesses, unions, workers, and political leaders, both Democratic and Republican, oppose Bill 118.
“This coalition that has come together to defeat Measure 118 is unlike anything we have ever seen in Oregon politics,” Wilhelms said, referring to the extensive list of opponents calling on voters to reject the measure. he said. “It would cost Oregonians a tremendous amount of money, damage our state’s economy, and, as Governor Kotek said, burn a hole in our state’s budget.”
With widespread opposition and previously friendly groups withdrawing their support, who will support Bill 118?
According to Oregon campaign finance data, the biggest supporters of Measure 118 are Californians who support basic universal income.
Its biggest proponent, Josh Jones, made his fortune in cryptocurrencies. To date, Jones Holding LLC has contributed more than $1 million to the Oregon Rebate PAC and the Oregon People’s Rebate PAC in support of Measure 118.
Jones posted a video on Reddit’s Oregon subreddit titled, “I’m the AMA, Major Supporter of Measure 118!” In it he explained his support.
“I just want everyone to have a sufficient base level of wealth and society to function better and be more efficient. If everyone is wealthy, we need less government.” “No, this seems like a pretty good way to do it,” Jones said.
He loves Oregon, adding that his college roommate lives in Lake Oswego.
“I don’t have any skin in this game. I put some money into it. It’s kind of an outside bet,” Jones said in the video.
Another top donor is Gisele Hough and Gerald Hough Endowment for Humanity, who have combined to give more than $100,000 to the PAC.
Gisele Huff is the mother of the late Gerald Huff, a former chief software engineer at Tesla who advocated universal basic income.
Dylan Hirsch-Shell, a former Tesla engineer who is running for mayor of San Francisco on a universal basic income platform, also donated $100,000 to the Oregon Rebate PAC.
Overall, Measure 118 was the most hotly contested ballot measure in the November 2024 election. Opponents, mostly companies based in Oregon and other states, spent about $12 million on the attack.
