Unions submit corporate tax hike proposal

A coalition is submitting signatures to state elections officials

FILE - In this March 22, 2013 file photo, the exterior of the Internal Revenue Service (IRS) building in Washington. (AP Photo/Susan Walsh, File)

PORTLAND, Ore. (AP) – A proposal for the largest corporate tax hike in Oregon history is in the final stages of approval for the November ballot.

On Friday a coalition of public employee unions was submitting petition signatures to state elections officials.

The proposal, dubbed Initiative Petition 28, would raise a whopping $2.5 billion in additional annual revenue for the state through a huge tax increase on Oregon’s biggest corporations.

Lawmakers and political observers worry the next six months will be a bitter warfare between unions, who want more funding for public services, and businesses, who argue it’ll have a devastating ripple effect on the economy.

State officials are releasing their first major study Monday on the possible economic impacts and discussing it in hearings with lawmakers.

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