Fagan Sponsors Tax Deduction Killer
On March 8, Shemia Fagan testified in support of her bill to sunset (end) certain tax credits. She testified that “We need to do everything we can to reclaim the money Oregon is spending on ineffective and misused tax expenditures.”
So what are these misused and ineffective tax deductions? As you prepare your taxes this year, take a look at all the deductions she wants to take away.
- Home Mortgage Interest Deduction
- Medical Expense Deduction
- Property Tax Deduction
- Charitable Contribution Deduction
- Military Pay Subtraction
- Contributions to the Oregon College Savings Network
Consider what this would do to your family if you weren’t able to deduct your mortgage interest or medical expenses. I wonder which one is the most “misused” and “ineffective” as Fagan puts it? Maybe the property tax deduction for a elderly couple on a fixed income? Or a young family who has come to count on the mortgage interest deduction to be able to afford a place to live?
Thankfully, the most important sunset is already in place … Fagan’s term of office.