Oregon Wealth Tax Initiative Filed for 2028 Ballot
A new ballot measure proposes taxes on multimillionaire assets and income credits for 1.3 million Oregonians.
Updated on Oct. 8, 2026 in Taxes
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A coalition of advocacy groups has filed the Financial Assets Tax on Multimillionaires initiative for the 2028 election cycle. If passed, the measure would establish a tax on high-net-worth households while providing refundable income tax credits to lower-income earners.
Why it matters
The proposal aims to shift Oregon's tax landscape by targeting financial holdings for revenue to fund social services following federal benefit cuts. It creates a clear financial divide between potential new levies on the wealthiest residents and relief for over one million taxpayers.
The measure targets approximately 4,500 households with a net worth of $30 million or more for a 1% to 1.2% tax on financial assets. Concurrently, 1.3 million taxpayers earning under $45,000 for singles or $90,000 for couples would qualify for a 30% refundable income tax credit.
The players
Oregon State Government
The administrative body responsible for overseeing the state tax code and the legislative session.
The details
The proposed tax applies to a broad range of assets including stocks, bonds, bank funds, private equity, and cryptocurrency. If the initiative gathers enough signatures to appear on the November 2028 ballot, it could significantly alter the state's tax burden for high-net-worth individuals. Meanwhile, the refundable credit is designed to offset costs for low-income residents currently subject to Oregon's tax structure, which features a top income tax rate of 9.9% on earnings above $125,000.
Timeline
Voters rejected a separate business tax ballot measure in 2024.
The November 2026 governor's race will set the threshold for required initiative signatures.
The Oregon state government will hold a long legislative session in 2027.
The proposed initiative is scheduled for the November 2028 general election.
Money Landscape
This proposal arrives as Oregon continues to evaluate its tax revenue strategies in the wake of federal benefit shifts. It follows the rejection of the 2024 business tax measure, signaling an ongoing effort to reshape the state's fiscal approach to high-net-worth assets.
Households should track the signature collection process through 2026 to see if this measure reaches the 2028 ballot. If you are concerned about how potential future tax changes might affect your long-term planning, consult with a qualified tax professional regarding your asset strategy.
The takeaway
This filing represents a major attempt to redirect state fiscal policy toward asset-based taxation. Keep an eye on the outcome of the November 2026 governor's race, as it will determine the signature requirements for this proposal to advance to the ballot.
Further reading
For more information on state tax developments, visit our Taxes section.
Source note: This article includes information reported by The Bulletin.
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