Advocacy Coalition Filed Oregon Wealth Tax Initiative

The proposed measure aims to tax multimillionaire assets to fund credits for low-income state taxpayers.

Updated on Oct. 8, 2026 in Taxes

Advocacy Coalition Filed Oregon Wealth Tax Initiative

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Should states implement wealth taxes to fund social services and provide low-income tax relief?

A coalition has filed a ballot initiative for the 2028 Oregon election that would impose a tax of 1% to 1.2% on financial assets for households with a net worth of $30 million or more. The proposal also includes a 30% refundable income tax credit for low-income earners, affecting approximately 1.3 million taxpayers.

Why it matters

The initiative seeks to generate $1.5 billion per two-year budget cycle for social services, reflecting an effort by organizers to influence tax policy ahead of the 2027 legislative session. It serves as a counter-proposal to existing tax structures in a state where the top income tax rate is currently 9.9%.

The proposed wealth tax targets an estimated 4,500 households with assets above $30 million, aiming to generate $1.5 billion per budget cycle. Concurrently, the 30% refundable tax credit is projected to cost $1 billion per cycle while benefiting 1.3 million residents.

The players

Oregon State Government

This is the governing authority responsible for the oversight of legislative sessions and the implementation of state tax policy.

The details

The measure targets diverse financial holdings including stocks, bonds, bank funds, private equity, and cryptocurrency. If successful, the initiative would provide relief to single earners making less than $45,000 and joint filers earning under $90,000 annually.

Voters rejected a separate business tax ballot measure in 2024.
The 2026 governor's race will set the threshold for the required signature count.
Organizers aim to pressure lawmakers during the 2027 legislative session.
The proposed tax initiative is slated for the November 2028 ballot.

Market Landscape

This initiative follows the pattern established by the 2024 Oregon business tax ballot measure by using direct democracy to challenge existing revenue models. It signals a move toward legislative pressure tactics by advocacy groups seeking to reshape the state's fiscal environment.

Eligible low-income households could see a 30% refundable state income tax credit if the measure passes, potentially changing personal tax returns for over one million residents. Conversely, the wealthiest 4,500 households would face a new tax burden on their financial assets.

The takeaway

This initiative represents a significant push to redistribute tax liability within Oregon's fiscal system through direct voter action. Residents should track the signature collection process leading up to the 2028 election to understand potential shifts in state revenue and tax credit eligibility.