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.
What a weird point. So instead of giving $1600 cash to people (and more to families) this author proposes tax breaks that will be less accessible to people?
I got a mailer this week calling 118 a “blank check for Salem”
That doesn’t even make sense
The “blank check for Salem” as noted in the article, is that the State Government can alter the bill once it passes. So that $1,600 a year might be $300 a year, might be $0 a year, nobody knows.