This State Could Get Universal Basic Income

November Vote

Oregon residents can cast their vote in November to establish a universal basic income (UBI) program in their state.

According to a report by The Oregonian , the so-called “Oregon Rebate” has received enough signatures to get on the ballot for a vote in November, pending certification by the Secretary of State’s Office.

If Oregonians vote to approve the proposal, residents would receive $750 annually starting 2025, generated by a 3% corporate tax on businesses with sales in Oregon over $25 million.

What Is Universal Basic Income?

At its core, universal basic income is a type of government spending that provides citizens with income to meet their basic needs. While Oregon could become one of the first U.S. states to approve UBI for its residents, some counties and cities have already experimented with trial programs.

Counties in Texas, California, New York, and Massachusetts, for example, have tested various types of basic income programs. In most cases, recipients used the extra cash to pay down debt, get ahead of bills, or engage in basic entrepreneurship. Finland also tested a basic income approach .

All Eyes on Oregon

In 2020, more than half of U.S. adults (54%) opposed the idea of the federal government providing a guaranteed income, according to a Pew survey . Opposers of the programs argue that free cash payments could make citizens too reliant on the government and disincentivize work. Plus, funding these programs through corporate taxes could also influence where and how companies choose to utilize their resources, potentially incentivizing companies to migrate away from states charging a UBI tax.

If Oregonians pass Initiative Petition 17, the country will watch how this corporate taxation and income program affects its population.

Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!

Check it out

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

Communication of SoFi Wealth LLC an SEC Registered Investment Advisor

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

SOSS24062701