If approved, Measure 118 would institute a 3% tax on most corporations’ total sales in Oregon above $25 million and distribute the money equally among residents of all ages and incomes. The system would go into effect next year.
Can we talk about the guy wearing a Yankees hat and a Red Sox shirt in the thumbnail?
I can’t imagine who would be opposed to this that isn’t brainwashed by corporations.
they had “death panel” conspiracy theories when they tried to do the affordable care act and the brainwashing was so effective that private insurance still dominates and the affordable care act is likely to die out.
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I’m largely opposed to it. Because it’s (seemingly intentionally) mis-marketed as a corporate tax when it is definitely by any sense of the word a sales tax. Sales taxes on gross receipts are inherently regressive and passed onto those consumers who are dis-proportionally impacted more the lower their income.
The impact in this case benefits lower income people as the proceeds are distributed equally regardless of income level. Though it does feel like it couldve just been an income tax.
The corporations will simply raise prices to make up their deficit. What’s stopping them?
The real question will be is +3% on everything you purchase greater or less than $1600. If you spend less than $53,000.00 per year it’s a benefit. We know the corporations will simply pass the 3% on to consumers (likely with additional percent or three thrown on for good measure). But if you’re spending less than 50K with those corporations it’s still beneficial.
That’s not how it works - the $1600 is an estimate for what each individual would receive. The total amount collected each year is split evenly between every resident in the state, how much ever it happens to be. So anyone spending less at the taxed companies than the average amount for Oregon will come out ahead. Worth noting that since it targets total sales in Oregon, that tax seemingly applies to corporate-to-corporate sales too, meaning the vast majority of regular people will end up below the average, with a net benefit.
Won’t the corporations just raise their prices to make up for the tax? Not trying to be a party pooper, but these businesses have entire offices full of people whose job it is to ensure they continuously turn a profit. Every action taken by state and local government is immediately reacted to by the corporate world, and then the state is by its nature slow to respond to the new input.
It’s almost like we have let capitalism go wildly out of control.
Even if they do, which they probably will, it still works out as a net positive progressive policy. You can view it like an added 3% sales tax for everyone, including corporations and out-of-state tourists. Everyone gets the exact same rebate on this sales tax at the end of the year - so those who spend the least, the poorest, benefit the most because they paid the least of that tax. Anyone who spends less than the state average (which should be the vast majority of regular people) should see a net benefit. And for those spending above average it’ll just be a 3% tax on everything they spend above that statewide average. Kinda just straight-up small scale wealth redistribution.
As far as I know, corporations are generally unable to raise prices enough to make the price difference terrible for the consumer. E.g. invisible prices (taxes) are more effective on a company because companies can’t change their visible prices by much.
Taxing Corporations and LITERALLY giving that Money to the Taxpayers is WOKE! I’d MUCH Rather those Corporations take that Money from us and then RAISE our Prices while Buying Spaceships!
God damned inflation /s
Yooo this would double my income
$1600/yr is $133/mo
They said what they said
I misread lol I’m at work but still that’s like half my taxes for the month. Also tax the rich
It’s probably enough to buy a top hat and a monocle.
