Measure 118, also known as the ‘Oregon Rebate,’ is set to appear on the November ballot in Oregon. If passed, it would have a significant impact on the state’s tax structure. The measure seeks to create a tax credit for low-income individuals and families by changing the way Oregon calculates its tax liability.
Under the current tax system in Oregon, residents are taxed based on their federal income tax liability. However, Measure 118 would separate the state tax liability from the federal tax liability, which would result in a tax credit for low-income individuals and families. This tax credit would provide relief for those who are struggling financially, potentially putting more money back in their pockets.
Supporters of Measure 118 argue that it would help reduce income inequality in Oregon and provide much-needed financial assistance to those who need it most. They believe that by separating the state tax liability from the federal tax liability, low-income individuals and families would benefit and have access to more resources to meet their basic needs.
However, opponents of the measure have raised concerns about the potential impact on the state budget and argue that it could lead to a decrease in revenue for essential services. They fear that the tax credit could have unintended consequences and ultimately hurt the state’s ability to provide critical services and programs.
As voters prepare to make their decision in November, the debate over Measure 118 continues. Supporters and opponents alike are making their cases for why they believe the measure would either benefit or hurt the state of Oregon. Ultimately, the decision will be up to the voters to determine the future of the ‘Oregon Rebate.’
Source
Photo credit news.google.com