A coalition of Oregon unions and progressive civic organizations has launched a campaign to place a measure on the November 2028 ballot that would tax the financial assets of the state’s wealthiest residents. The initiative’s backers hope to offset cuts in federal funding for social programs while reducing the tax burden on low-income families. The coalition, Fight For Our Future, includes teachers’ unions, service-sector unions and public-employee unions, among others, giving it considerable political influence in the state capital, Salem.
The initiative would impose a tax of 1% to 1.2% on stocks, bonds, bank accounts, stakes in private funds and cryptocurrency owned by residents with fortunes of at least $30 million. The rate would rise for people whose wealth exceeds $50 million or $100 million. Organizers estimate that the tax would affect approximately 4,500 households and generate about $1.5 billion for the state over a two-year budget cycle. Unlike a property or business tax, the measure would target individuals’ financial assets specifically.
Oregon currently has no uniform procedure for valuing these assets for purposes of a general wealth tax. If the initiative passes, the law would likely require valuation at fair market value on a specified date. Publicly traded shares could be valued using market prices; stakes in private companies could be assessed based on financial performance, debt, restrictions on sales and comparable transactions; funds could be valued according to net asset value; and cryptocurrencies could be valued using prices on specifically designated exchanges. Valuation disputes would likely be handled by tax authorities and the courts, although the final rules would depend on the wording of the law and subsequent regulations.
The proposal also includes a refundable tax credit for low-income residents: up to 30% of income tax for single taxpayers earning less than $45,000 and married couples earning less than $90,000. More limited benefits would go to people earning up to $50,000 and families earning up to $100,000. The coalition says the tax reductions would affect more than 1.3 million people — about 58% of all state taxpayers — and cost the state approximately $1 billion over two years.
Supporters say the initiative is intended to pressure lawmakers to act before the 2027 legislative session, particularly on health care, education and child care. To put the measure on the ballot, organizers must first collect 1,000 signatures supporting the filing and then gather signatures equal to 6% of the votes cast in the 2026 gubernatorial election; more than 100,000 signatures will likely be required.
The initiative is certain to face opposition from conservatives and business groups. The absence of a general sales tax in Oregon does not automatically translate into support for new taxes: state voters have traditionally been wary of measures that could increase the overall tax burden or drive up prices. In 2016, they rejected Measure 97, which would have raised taxes on the gross receipts of large corporations. Opponents warned at the time of potential job losses and higher prices for goods, and also criticized uncertainty over how the revenue would be used.
That experience could influence the new campaign through opponents’ arguments, public memory and the amount of funding available to each side. But it does not predetermine the outcome: much will depend on the tax’s design, the clarity of the language, the group of taxpayers covered and the specific promises made about how the money would be spent.
Based on: Progressive groups, unions announce wealth tax initiative aimed at 2028 Oregon ballot