The Oregon Rebate ballot initiative campaign has announced early success in collecting the necessary signatures to qualify for the state’s November 2024 general election.
The initiative, if passed, will establish a statewide Universal Basic Income in the form of yearly rebates valued at approximately $750. Every Oregonian, regardless of age, income, or status, will be eligible to receive a yearly rebate. For example, a four-person household will receive four rebates, or about $3,000, tax-free.
The rebates are funded by increasing the minimum tax rate of the largest corporations doing business in Oregon. Currently, the minimum corporate tax rate for corporations with more than $25 million of annual Oregon sales is less than 1 percent and the Oregon Rebate proposes to increase this minimum corporate tax rate to 3 percent, still well below the 5-10 percent of personal tax rate Oregonians pay.
“Oregonians know that the biggest corporations are not paying their fair share and that yearly cash rebates will help them make ends meet,” said Antonio Gisbert, the initiative’s chief petitioner.
The scope of the Oregon Rebate is noteworthy: Every year, approximately $3 billion of new revenue will be rebated among the approximately 4 million Oregonians. Using the UBI Center’s Basic Income Builder, the campaign estimates an overall reduction in poverty of approximately 15 percent and, specifically, a reduction in child poverty of approximately 26 percent.
“Cash is care, cash reduces poverty and provides opportunity, and cash stimulates our local economies and communities,” said Gisbert.
To date, among others, the Oregon Rebate campaign has been endorsed by PCUN, the Oregon Working Families Party, the Pacific Green Party, and the Oregon Progressive Party.
The campaign has until July 2024 to collect the 120,413 signatures needed to qualify for the 2024 general election. Those interested in reading the full text of the petition, learning more, and getting involved or contributing to the Oregon Rebate campaign may do so at https://oregonrebate.org/.