HB 2771 Tax on Property Tax

03/04/2017
HB 2771
VOTE:NO
In Committee
Public Hearing 03/07/2017 1:00pm HR A
Status (overview) of bill:https://olis.leg.state.or.us/liz/2017R1/Measures/Overview/HB2771
Committee assigned to bill:https://olis.leg.state.or.us/liz/2017R1/Committees/HREV/Overview

Posted on TrackTheirVote.org

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.

Fiscal Responsibility
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.

Limited Government
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.

 

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