Final 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