The average one of these 20 insurance companies will pay $3.5 million a year, rather than $200,000. That’s quite a hike.  It is no surprise that insurance companies are among the big donors to the campaign to defeat Measure 97

Using WW’s numbers, it looks like the average insurance company receives at least $165 million in insurance premiums from us Oregonians, but somehow reduces their taxable income so far that they owe only $200,000 in Oregon taxes.  That’s an effective tax rate of .12% of income.  There’s a lot of profit in insurance most years, and Oregon’s current tax rate for these corporations is 6.6% to 7.6% on taxable income, they must have very clever tax departments.  Profits seem to have gone missing!
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If these insurance companies were real people, they’d be paying way more than .12% on their gross income.  In fact, according to the Legislative Revenue Office, the average Oregon person pays 5.8% of their gross income in income taxes, nearly 3x what insurers will pay.