Vote Yes! on Measure 118, the Oregon Rebate
www.oregonrebate.org
Vote Yes! on Measure 118 to get yearly rebates of $1,600 for yourself and every Oregonian, kids included. A four person household will get over $6,400 every year. Paid for by making giant corporations pay their fair share.

Full bill text: https://sos.oregon.gov/admin/Documents/irr/2024/017text.pdf

TLDR; Oregon corporate tax has a minimum rate of 1%. This ballot measure would raise it to 3% and give $750 to each Oregon resident (including children).

Get ready for an Uber/Lyft level of corporate ads and media spamming to try to sink this common sense bill.

  • letsmakeafriendship@lemmy.worldEnglish
    12·
    5 months ago

    I’m all for corporations and the rich paying their fair share. But unless this is being matched by other states, it will just cause capital flight to those states. That’s jobs and capability Oregon won’t get. It will be one of many factors companies consider when asking which state to incorporate and operate in. The Oregon market is an easy one to ignore, we’re not exactly a huge state, we have just over 1% of the national population. This is the kind of legislation that can only work in markets companies can’t afford to leave, huge markets like California or Texas. There’s a reason OR gets in bidding wars with other states over the siting of a new Intel fabrication facility etc: the state with the most favorable operating conditions gets the jobs.

    A quick read of the bill text and I find “Less than $500,000, the minimum tax is $150”. That’s $150 for every small LLC, business with 1-3 employees, etc. It doesn’t matter if your LLC is profitable or not, you’re paying $150/year for the privilege of existing. Even if they lost money in the past tax year. This is in addition to existing costs you already incur like having to pay for payroll software to deal with the immensely complex state and local tax system, costs to file incorporation paperwork, and the costs for a ‘registered agent’. This will hurt small businesses and startups, no doubt. California had a similar incorporation tax, and it’s one of many reasons why companies try to incorporate out of state.

    Why not include an exemption for small businesses or those with extremely thin profit margins? Or for those who lost money that year? You’d have to ask the petition authors that.

    Who runs small LLCs?

    • Small businesses, restaurants, food trucks
    • Your local plumber, contractor, painter, tutor, or other independent contractor.
    • Private landlords renting out a single unit. People who rent out rooms in their home and want the additional liability protection.
    • Food co-ops, housing cooperatives, local sports clubs, and other forms of cooperative organizations
    • People who use the anonymity provided by LLCs to escape domestic violence, stalking, etc.

    “[Democracy] can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world’s greatest civilizations has been 200 years. These nations have progressed through this sequence: From bondage to spiritual faith; From spiritual faith to great courage; From courage to liberty; From liberty to abundance; From abundance to selfishness; From selfishness to apathy; From apathy to dependence; From dependence back into bondage”