Oregon's Wealth Tax Initiative: A New Era?
Portland News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Initiative Petition 70, or the Very Rich Pay Their Fair Share Act, aims to impose a wealth tax on Oregonians with $30 million or more in assets. Led by labor advocate Jonathan Tasini, the tax targets property, stocks, bonds, and businesses to address budget gaps. Supporters need 173,000 signatures by July 2nd to qualify for the November 2026 ballot. Oregon already has high income taxes but no sales tax, leaving programs short on cash. Teachers and everyday folks are rallying behind the initiative, citing budget cuts affecting schools. Nationwide, similar wealth tax proposals are gaining traction, with California, Vermont, and Washington considering or implementing such measures. Challenges like evasion and complex reporting are anticipated, but exemptions for retirement accounts and personal items aim to mitigate these issues.
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