The mortgage and SALT deductions may go, to be replaced by larger standard deductions which will benefit the middle class more than the wealthy simply because their mortgage and SALT is so much greater.
Now if your SALT is still objectionable, get rid of your democrats in state office. Those in Texas and Nevada have no problem with it.
WRONG.
The standard deduction is not increased by a significant amount to cover for the loss of these deductions. Conservatives
lied and said it would be doubled, but it was only increased by about 3% - 15%.
From Business Insider:
Here's how that math works. Let's say you are single with no dependents, and you have a moderate income. Currently, you get to take the standard deduction ($6,350) and one personal exemption ($4,050). If you are 65 or older, you also get to take an additional standard deduction ($1,250). That adds up to $10,400, or $11,650 if you're over 65.
The Republican plan would replace all these provisions with a single deduction of $12,000 ($24,000 for married couples.) That's a 15% increase — except for seniors, who get a 3% increase.
Also, the SALT and interest deductions going away
will cause housing prices to drop, which will cause a housing crisis, which will cause a recession. We know this because we just went through this 8 years ago when housing prices dropped because of foreclosures. Is your memory so bad because of all the meth you smoke or what?
Conservatives never learn.