This bill taxes property tax paid. Raises income taxes on every homeowner gross earning over $50,000/annually, and completely eliminates the ability to deduct property taxes for people who earn $125,000/annually. Applies to tax years beginning on or after January 1, 2018.
Personal Choice and Responsibility
Eliminates incentives that makes homeownership possible for the average Oregonian.
Allows government to tax a higher income by requiring taxpayer to add back amounts deducted on federal return creating a double tax – taxing the property tax paid. Phases out allowance of itemized deduction for real property taxes by a fraction of gross income over $50,000 divided by $75,000 for individual filers or $100,000/$150,000 for joint filers and completely disallowing deduction if adjusted gross income exceeds $125,000 individual filers and $250,000 joint filers.
Oregon is in a housing crisis. Making homeownership more expensive will make the problem worse costing more to solve the housing crisis than the increased tax revenue will support.