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.