Tax the Rich? Oregon Voters Could Weigh In on First-of-its-Kind Wealth Tax

"What could Oregon do with an additional $2.7 billion in revenue each year? That's about how much Portlander Jonathan Tasini says would be generated with a 2 percent wealth tax imposed on Oregon taxpayers with assets at or above $30 million. Now, as the state faces a fiscal crisis affecting everything from public schools to transportation safety programs, Tasini is hoping to get that wealth tax on the Oregon ballot-and win."

"The initiative would impact roughly 0.2 percent-or 4,600-of Oregon's taxpayers, according to 2022 data collected by the Institute on Technology and Public Policy. The tax would be levied against assets including properties, stock options, bonds, and businesses. In order to make it on the November 2026 ballot, IP 70 supporters must gather at least 117,173 signatures before July 2."

"While Oregon has a relatively high personal income tax for high earners already, largely to make up for the lack of a sales tax, the state frequently suffers from a lack of revenue to support its programs. Some lawmakers have suggested fixes like repealing the state's "kicker" tax refund or changing Oregon's restrictions on property taxes. Tasini's wealth tax proposal aims to address Oregon's budget woes in a different way."

Jonathan Tasini, a labor advocate, is leading Initiative Petition 70, known as The Very Rich Pay Their Fair Share Act, to place a wealth tax on Oregon's ballot for November 2026. The tax would apply to approximately 4,600 taxpayers (0.2 percent of Oregon's population) with assets at or above $30 million, including properties, stocks, bonds, and businesses. The initiative needs 117,173 signatures by July 2 to qualify for the ballot. Oregon currently faces a fiscal crisis impacting public schools and transportation safety programs. While Oregon already has relatively high personal income taxes on high earners to compensate for lacking a sales tax, the state frequently struggles with insufficient revenue. Tasini's proposal differs from other recent tax initiatives by targeting wealth inequality rather than opposing tax increases.

Read at Portland Mercury