Bob Weinstein, a candidate in District 4, directed harsh criticism against Initiative Petition 17 (IP17), also known as the People’s Rebate, a ballot measure that aims to create a rebate program distributing $750 cash payments to Oregon residents. If passed, IP17 would increase the Corporate Minimum Tax for large corporations with annual statewide sales exceeding $25 million by implementing a new 3% gross receipts tax on these sales. This tax would be on top of the current corporate minimum tax structure.
Weinstein highlighted that the rebate program isn’t targeted toward a specific income group, saying it would “benefit millionaires.”
“Giving money to wealthy people that don’t need it won’t accomplish anything,” Weinstein said, adding that Oregon already has a targeted refundable child tax credit for low-income families.
“Initiative 17 is a misguided and destructive proposal that would inflict severe economic damage on our state. It would make Portland and our state far less competitive, driving companies, jobs, and investment dollars to cities in other states,” Weinstein added, calling the proposal “yet another experiment funded by out-of-state money” and comparing it to Measure 110.
While 90% of the proposal’s funding comes from donors outside of Oregon, the initiative has gathered enough local signatures to qualify for the ballot and is expected to go to voters in November.
