Oregon Wealth Tax Proposal Would Tax Multimillionaires, Send Credits to 1.3 Million Low-Income Taxpayers

Between 4,500 and 5,000 of Oregon’s wealthiest households with a net worth over $50 million could become liable for a the payment of a wealth tax.

Financial Assets Tax on Multimillionaires Act

About 1.3 low-income state taxpayers stand to gain financially if the proposed Financial Assets Tax on Multimillionaires Act succeeds at the 2028 ballot.

A statement from the Secretary of State’s Office says Oregon has become one of the most expensive states in the U.S. This is based on the cost of housing, utilities, and consumer goods.

The tax proposal has been made by a coalition of labor unions and progressive groups, and will take a portion of the revenue collected to cover the cost of a Refundable Low Income Tax Credit of up to 30 percent.

Estimated Reach and Path to the 2028 Ballot

The proposal is targeting the November 2028 Oregon state election and, if successful, the amendments will apply to the tax years beginning on or after January 1, 2029.

The tax will create a 1 to 1.2 percent tax on stocks, bonds, and cryptocurrency, and will raise an estimated $1.5 billion every two-year budget cycle.

Wealthy households will not be taxed on real property, tangible personal property, or a direct ownership interest in a privately-held operating business.

The proposed measure offers low-income Oregonians a 30% refundable state income tax credit for single individuals who earn less than $45,000, and joint filers who earn less than $90,000. The Act will benefit over 1.3 million Oregon taxpayers who represent 58 percent of all tax filers.

Proponents of the Financial Assets Tax on Multimillionaires Act will now have to secure at least 1,000 signatures to enable the Secretary of State’s Office to verify and place the initiative on the November 2028 ballot. This represents 6 percent of the total votes cast in the upcoming governor’s election on November 3.