A coalition of Oregon unions and advocacy groups has filed a proposed 2028 ballot measure that would tax the financial assets of some of the state’s wealthiest residents and provide income-tax credits to lower-income households. The initiative, filed Thursday, Oct. 8, by the Fight For Our Future coalition, would apply to Oregonians with a net worth of $30 million or more. It proposes a tax of 1% to 1.2% on financial assets such as stocks, bonds, bank funds, private equity investments and cryptocurrency. The rate would rise for people with net worths above $50 million and $100 million, though the coalition’s announcement did not specify the rate at each threshold. The coalition estimates about 4,500 Oregon households would pay the tax, generating a net $1.5 billion for the state every two-year budget cycle. Those figures are advocates’ estimates, not an official state revenue forecast. The measure would also create a refundable state income-tax credit. Single filers earning less than $45,000 and joint filers earning less than $90,000 would qualify for a credit equal to 30% of their state income tax; smaller credits would be available to single filers earning up to $50,000 and joint filers earning up to $100,000. The coalition estimates the credits would reach more than 1.3 million taxpayers, or 58% of Oregon filers, and cost the state $1 billion per two-year budget cycle. The proposal comes as Oregon faces projected reductions in federal support for social services under the 2025 federal tax and spending law. Oregon lawmakers this year partially separated the state tax code from some provisions of that law, but did not fully prevent federal tax changes from affecting state revenue. “This is not the moment to wait for them to do their jobs,” Candice Williams, executive director of For All Families Oregon Action, said of lawmakers. She said the initiative is intended both to give voters a choice and to press lawmakers to address needs in child care, health care and schools during the 2027 legislative session. Enrique Farrera, president of the Oregon Education Association, said the measure would shift more of the tax burden toward wealthy households while easing costs for working families. The coalition also includes the American Federation of Teachers Oregon, the Service Employees International Union Oregon State Council and Oregon AFSCME. The plan targets individuals’ financial assets rather than businesses, homes or farms. That distinction may matter in a state where voters rejected a 2024 measure that would have imposed a 3% tax on businesses with annual sales above $25 million. The new proposal could still face opposition from fiscal conservatives and business supporters, and similar tax proposals in other states have prompted competing ballot campaigns. To qualify for the November 2028 ballot, supporters first need at least 1,000 signatures to sponsor the petition. They must then collect signatures equal to 6% of the votes cast in Oregon’s November 2026 governor’s race, a threshold expected to exceed 100,000 signatures. The Secretary of State’s Office must verify the signatures before the measure can appear on the ballot.