Initiative Petition 28 would raise taxes on C-Corporations grossing over $25 million annually.
Oregon leaders joined nearly 100 volunteers, fellow small business owners, and coalition partners to announce the successful campaign to place Initiative Petition 28 (IP28) on the November ballot.
The group collected over 130,000 signatures–qualifying IP28 for the upcoming Presidential election ballot. IP28 was the first petition to quality in the state and the early filing indicates the strong support from Oregon's community members and small business owners.
Peter Emerson, owner of Bipartisan Cafe in Portland (pictured left) provided a statement in support of the initiative during the press event surrounding the announcement.
IP28 would modestly raise the effective tax rate of C-Corporations earning more than $25 million per year and use the added revenue to fund Oregon's crippled public school system, provide services to seniors, and extend health care coverage to 18,000+ children.
The new tax would generate an estimated $2.5 billion annually–changing the structure of the vital programs that protect our most vulnerable community members and shape the minds of future generations.
The signatures were delivered to the Secretary of State's office for verification on Friday.