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.

Despite the opposition from lawmakers, it's not up to them. Ballot measures give residents a chance to vote directly on an issue. Oregonians themselves will be able to vote in favor or against the measure in November's general election.

Antonio Gisbert, the chief organizer behind the effort, told Business Insider he remains optimistic that a majority of voters will support the measure in the general election.

"It kind of does seem a little bit like some of these elected [officials] are more beholden to corporations and corporate interests than they are to the interests of everyday Oregonians," Gisbert said. "We are super committed in instituting some degree of corporate tax justice."

Cash payments with no strings attached are gaining popularity in the United States as a way to support vulnerable populations. Guaranteed basic income programs piloted across the nation have found that recipients, who are typically low-income, spend the money on rent , groceries, and transportation.

While guaranteed basic income programs are aimed at specific groups, like low-income residents or new mothers , the Oregon Rebate would benefit all residents, making it more similar to a universal basic income.

While Democrats are typically the primary supporters of basic income programs in city and state governments, many Oregon Democrats joined Republicans in opposition to Measure 118. In a joint statement from state House and Senate Democrats, the legislators said they have concerns about the rebate coming from corporate taxes.

"In these tough times, we all want working families to get every break they can, but Measure 118 is not the answer. We have grave concerns it will slow job growth and cause cuts to critical services like road maintenance, fire fighting, and addiction recovery," the Democrats wrote in a joint statement shared with Business Insider.

An analysis from the state's legislative revenue office found that Measure 118, which would increase corporation taxes while reducing personal income taxes, would "significantly" alter how the state draws on tax money to pay for public services.

Citing the revenue report, the coalition of Democrats said the rebates would "increase prices for consumer goods and slow Oregon's job growth."

"Meanwhile, the 'rebates' would go to every Oregonian — including the ultra-wealthy. As a matter of public policy, we believe this is a bad deal for Oregonians," they said in the statement.

In a statement on Thursday from the organizers behind Oregon Rebate, Gisbert said the initiative doesn't need legislators' support.

"Our opponents can keep paying lip service to their donors and we'll keep working to turn out voters in November," Gisbert said in the statement.