Final tax assault may fall entirely on homeowners

 Cartoon explains politicians war on votersFinal tax assault may fall entirely on homeowners
By Taxpayer Association of Oregon

There are numerous taxes being considered in the 2013 Legislature but the one gathering the greatest storm and fear is a backdoor tax on homeowners. House Bill 2456 is a sample of a handful of bills that would reduce or eliminate the home mortgage interest deduction for Oregonians. Removing such important deductions would unlikely be a one-time hit but rather the beginning of a lifetime of deductions adjustments downwards as the new way to tax Oregonians. Specifically, amendments to this legislation would phase out Oregon deductions for single filers with adjusted grow income above $125,000 and joint filers with adjusted gross income above $250,000 by calculating the difference between AGI and the threshold income level, multiplying by .18, and subtracting from claimed deductions.

The following bills would also limit or eliminate the mortgage interest deduction:

HB 2001, HB 2491, HB 3365, HB 3366, HB 3370, HB 3373, HB 3374, SB 305

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Posted by at 11:35 | Posted in Uncategorized | 30 Comments |Email This Post Email This Post |Print This Post Print This Post
  • Scheech! How about capping spending instead?

    • marvinmcconoughey

      Spending controls should come first, but politically speaking, some combination of cuts (read: slower spending growth) and higher revenues is the least unlikely.

  • The Democratic controlled legislature must want another economic recession if these tax bills pass.

  • marvinmcconoughey

    Without having done a detailed analysis of this specific bill, the overall notion of not allowing tax deductions for home mortgages is not extreme. We may have, as a society, overspent on shelter from the elements. If so, easy tax deductions have been a factor.

    • havetoask

      Why don’t you include overspending on transportation – isn;t walking or riding animals good enough? how about clothing – aren;t skins and homemade woolens good enough? – how about food -why not eat what you hunt/gather ? Your logic escapes me….

      • marvinmcconoughey

        Your extension of my comments must remain your own. But, yes, your reference to overspending on transportation has some merit. Note that our cars are slowly evolving toward four cylinder engines and high fuel economy, as has long been practiced in Europe.

        Our spending is worrisome because our spenders are transferring part of the cost to future generations via extensive borrowing from other nations.

  • Maximus Prime

    Homeowners seem to be a popular target

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