The time has come, Oregon. It’s time to modify the state’s mortgage interest deduction.
Of course it’s popular, and of course people love it. It’s a tax deduction, and an old one at that, dating back to the earliest days of income taxation when it was used to bolster business growth.
It has become, however, the largest housing subsidy in the United States, dwarfing the funds dedicated to housing Oregon’s most vulnerable populations.