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Like the rest of us, Trump will find out what's in the bill tomorrow. Early indications are it's going to mean significantly higher taxes for middle class people who itemize.
If a property tax deduction or a state tax deduction is a "freebie", then he's cutting them for everyone, right, not just deadbeats, but hard workers that pay state income and property taxes
And if property tax and state tax deduction go away, then most people won't claim the mortgage deduction either, because they won't have enough deductions to itemize. So pretty much, the mortgage deduction is going away for most people. So that "freebie" is being cut too.
Which means tax deductions are being cut-cut-cut for most middle class people and this means higher taxes for many middle class people because their deductions have been cut-cut-cut
If a property tax deduction or a state tax deduction is a "freebie", then he's cutting them for everyone, right, not just deadbeats, but hard workers that pay state income and property taxes
And if property tax and state tax deduction go away, then most people won't claim the mortgage deduction either, because they won't have enough deductions to itemize. So pretty much, the mortgage deduction is going away for most people. So that "freebie" is being cut too.
Which means tax deductions are being cut-cut-cut for most middle class people and this means higher taxes for many middle class people because their deductions have been cut-cut-cut
They are essentially eliminating the mortgage interest deduction and real estate tax deduction which will crash the housing market and wipe out a significant amount of net worth for the average middle class family. A real estate developer like Trump knows this too, I bet it is all part of the plan. Trump would love the chance to buy properties at a fraction of their current market value.
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