Included in the commission’s recommendations is a shift from the federal taxable income to adjusted gross income (AGI). Such a shift would mean the elimination of itemized deductions from Vermont tax returns, including the mortgage interest and property tax deductions.
Vermont lawmakers are currently considering H.243, which would accomplish the shift from taxable income to AGI. As a Realtor and a homeowner, I know firsthand that the mortgage interest and property tax deductions are both important financial incentives for home ownership. These incentives help support a high rate of homeownership among Vermonters.
In Vermont, 80 percent of families who claim the mortgage interest deduction earn less than $100,000 per year. The elimination of these important deductions could have serious consequences for our economy, have a substantial impact on younger, middle-class Vermont families and make it more difficult to own their homes. We must support the dream of homeownership by protecting incentives that encourage home ownership in our great state.
Donna Cusson
Warren
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