An Oregon guaranteed income program, if enacted into law, could result in a remarkable sum of $3.15 billion being distributed annually to residents of the state. The Oregonian has reported that a proposal aiming to raise corporate taxes in order to provide direct cash benefits to Oregon residents is expected to appear on the ballot in November. Under this initiative, every adult residing in Oregon would receive approximately $750 per year, with funding obtained from a 3% tax targeting corporations with annual sales exceeding $25 million. The program specifies that the money will be disbursed to individuals who live in the state for over 200 days per year.

Advocates of the measure have gathered over 135,000 signatures to secure its placement on the ballot, surpassing the required minimum of 117,173 signatures. The final hurdle involves the validation of these signatures by the Secretary of State before the initiative can be subjected to a popular vote scheduled for November. In opposition to the proposal, various groups are preparing to challenge its implementation. Oregon Business and Industry, a prominent statewide business association, contends that the corporate tax increase would significantly impact businesses and lead to a surge in the costs of goods and services.

Their statement on the proposed measure underscores the potential adverse effects, asserting, “This initiative carries the threat of a substantial tax hike in Oregon. Should it qualify for the ballot, our organization will actively campaign against it, confident that voters, upon assessing the facts, will ultimately reject it.” Stay informed by subscribing to receive direct email alerts and access Price Action updates. Follow us on various platforms including X, Facebook, and Telegram, or explore The Daily Hodl Mix for more insights and news updates.

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