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The Oregon Rebate (IP 2024-017) ballot initiative campaign has announced early success in collecting the necessary signatures to qualify for the November 2024 General Election.
The Oregon Rebate 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 4-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% and the Oregon Rebate proposes to increase this minimum corporate tax rate to 3%, still well below the 5-10% 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, chief petitioner of the Oregon Rebate.
The scope of the Oregon Rebate is noteworthy: Every year, approximately $3.0 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% and, specifically, a reduction in child poverty of approximately 26%.
“Cash is care, cash reduces poverty and provides opportunity, and cash stimulates our local economies and communities,” said Antonio 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 statutorily required 120,413 signatures 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/.
