Oregon residents will vote in November on a $1,600 annual universal basic income

• A ballot measure to give Oregon residents a $1,600 tax rebate faces bipartisan opposition.
• Oregon Rebate, or Measure 118, proposes taxing corporations more to redistribute money to residents.
• Democrats and Republicans alike say it would hurt the state economy.

Democrats and Republicans alike are fighting a ballot measure in Oregon that would increase corporate taxes to give residents an annual rebate.

The proposal, known as Ballot Measure 118 or the Oregon Rebate, would add a 3% tax on corporations in the state once they make $25 million a year. The plan was originally known as Initiative 17. The money would be distributed among state residents, including children, as a $1,600 annual rebate.