rightwinger
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It is more than the mortgage deductionan avg of $1600 a year... but that depends on your take home pay to begin with.... & a lot of deductions are gone. it kinda screws the middle class in the long run.....
What deductions have the middle class lost?
To reconcile all this, the legislation proposed eliminating or capping many deductions that people currently take. To make these concessions more palatable to the public, the bill increases the current “standard deduction” to taxpayers—which for 2018 is sixty-five hundred dollars per person and thirteen thousand dollars per couple—to around twelve thousand dollars per person and twenty-four thousand dollars per couple. While this increased standard deduction sounds good, it is not enough to make up for all of the other kinds of deductions that are being lost (or capped), including those for mortgage interest, local taxes, medical expenses, and personal exemptions. Republicans are effectively giving many taxpayers a tax break while taking it away at the same time.
The Republican Tax Plan Contains More Middle-Class Pain Than Even Its Critics Are Saying
That's one person's opinion. People keep bringing up the mortgage deduction despite the fact it only affects people with homes valued at more than $750k. I find it amusing that Democrats are concerned about people who can afford homes four times the national average.
As I pointed out in another thread, my wife and I are due to come out around $4k - $5k ahead this year.
It is state and local taxes that have been capped