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Perhaps Trump shouldn't kiss corporate butt while screwing everyday people.
How were everyday people screwed? Everyday people do not itemize in the first place! And they do not own $1.5 million homes that they pay $20k in property tax for.
I call bs. The vast majority of people should see their taxes decrease. If your taxes increased, maybe you should vote to reduce your local state tax.
The personal exemption was removed. This means it doesn't make sense for many people to itemize even when they used to itemize. Those that do itemize will no longer have the $4050/per person exemption. This means a couple with 1 child would lose the $12,150 personal exemptions that they previously had. They used to include that $12,150 deduction with their mortgage interest, property tax and state tax when they itemized. Ouch, even for low tax states.
Losing the personal exemption is a major hit for anyone that itemizes, forcing them to choose the standard deduction over itemizing. In other words, many will no longer deduct their mortgage interest or property taxes, regardless what state they live in.
mortgage interest is still deductible. as is state or local taxes.
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