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Local Financial Adviser Helps Explain Tax Bill

Now that the GOP tax bill is heading to President Trump's desk, Oregonians need to start getting ready for big changes.

Posted: Dec 20, 2017 6:39 PM
Updated: Dec 20, 2017 6:44 PM

MEDFORD, Ore. -- Now that the GOP tax bill is heading to President Trump's desk, Oregonians need to start getting ready for big changes. 

The final tax bill keeps the seven income tax brackets, but it lowers tax rates on all of them. Those rates will go back to their original numbers in 2026. 

Royal Standley, President and CEO of Oregon Pacific Financial Advisers, said the average, medium-income Oregon family will see tax reductions. 

"The big caveat here is all of the sunsets in 2025, so it's a question of how long will this last for," Standley said. 

Taxpayers used to be able to deduct state and local income tax if they itemized on their tax return. Now there's a cap at $10,000, which includes property taxes. 

Standley said now is the time for Oregonians to meet with a financial adviser to figure out exactly how the bill will affect them. 

"The tax bill that was passed is very complicated and touches a whole lot of planning decisions you've probably made in the past, and each person needs to really sit down with their advisers and set up a new plan," Standley said. 

Medford resident and retired teacher Fred Moore, said parts of the bill, like the 7.5 percent threshold for medical expenses, may be a positive thing, but he doesn't see them lasting forever. 

"That threshold is only lowered for two years, there's absolutely no promise that it's not going to go back up or be entirely eliminated," Moore said. 

The bill decreased the old threshold from 10 percent to 7.5 percent, which means people can deduct expenses that are 7.5 percent or more of their income. 

That is something Congressman Greg Walden said wasn't always going to be the case. 

"Medical exemptions, expenses were removed from the code and we actually came back and doubled down over the next two years and then back to about where it is now going forward," Walden said.

Oregon Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 31865

Reported Deaths: 539
CountyConfirmedDeaths
Multnomah7022136
Marion456992
Washington441759
Umatilla293941
Clackamas234661
Malheur158926
Jackson11094
Lane109616
Deschutes79312
Yamhill75013
Jefferson5218
Polk51515
Linn49513
Morrow4946
Lincoln47613
Union4392
Benton2946
Klamath2792
Wasco2793
Hood River2490
Douglas2244
Josephine1952
Columbia1551
Coos1490
Clatsop1310
Baker922
Crook621
Tillamook510
Curry310
Lake290
Wallowa281
Sherman180
Harney120
Grant90
Gilliam80
Unassigned00
Wheeler00

California Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 799516

Reported Deaths: 15393
CountyConfirmedDeaths
Los Angeles2644146455
Riverside578831179
San Bernardino53359918
Orange526221182
San Diego45596773
Kern31712360
Fresno28019362
Sacramento21872399
Alameda20951397
Santa Clara20756304
San Joaquin20126437
Stanislaus16436345
Contra Costa16238204
Tulare15829259
Ventura12591146
Imperial11741317
San Francisco1094699
San Mateo9714144
Monterey970170
Santa Barbara8973113
Merced8828140
Kings756977
Sonoma7262120
Marin6641114
Solano627863
Madera445865
Placer353544
San Luis Obispo347929
Butte279043
Yolo278255
Santa Cruz22949
Sutter168911
Napa165313
San Benito132111
Yuba11367
El Dorado10884
Mendocino89418
Shasta75916
Lassen7360
Glenn5713
Tehama5334
Lake53011
Nevada5286
Colusa5246
Humboldt4967
Calaveras31414
Amador29616
Tuolumne2274
Inyo18715
Mono1652
Siskiyou1630
Del Norte1381
Mariposa752
Plumas500
Modoc250
Trinity150
Sierra60
Alpine20
Unassigned00
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