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This bill phases out mortgage interest deductions on principal residence for many Oregonians, and impairing a family’s ability to buy a home.
Personal Choice and Responsibility
Young families scrimp and save to buy their first home, knowing they could then deduct the interest on their taxes and build equity. Older workers and retirees have long depended on their ability to deduct the interest on their mortgages on their tax forms. The loss of this deduction will be a painful blow for many families.
Fiscally not responsible to the lower and middle class trying to buy a home.