It looks like high earners in high tax states like NY and CA will not be able to deduct as much of their state and local taxes. Trump will not get their votes next time! Oh wait, they always vote Democrat! Never mind.
Nice summary
https://www.bloomberg.com/news/articles/2017-12-18/everything-you-need-to-know-about-the-gop-tax-overhaul-planA Quick Guide to the GOP Tax Plan
Bloomberg News
December 18, 2017, 3:32 PM CST
...
Individual State and Local Tax Deductions
Current law: Individuals can deduct the state and local taxes they pay, but the value is subject to certain limits for high earners.
Proposed: Individuals can deduct no more than $10,000 worth of the deductions, which could include a combination of property taxes and either sales or income taxes.Mortgage Interest Deduction
Current law: Deductible mortgage interest is capped at loans of $1 million.
Proposed: Deductible mortgage interest for new purchases of first or second homes would be
capped at loans of $750,000 starting on Jan. 1, 2018.
...
Possible work arounds
https://www.bloomberg.com/news/articles/2017-12-18/finance-gurus-devise-funky-workarounds-to-loss-of-salt-deductionThese Are the Tricks States May Use to Get Around the SALT Deduction
By Patrick Clark
December 18, 2017, 6:00 AM CST
New York, California and New Jersey face some tax hikes
There’s precedent for plan to keep resources in states
https://www.bloomberg.com/news/articles/2017-12-20/inside-wall-street-s-towers-traders-grouse-over-trump-tax-planInside Wall Street's Towers, Traders Grouse Over Trump Tax Plan
By Laura J Keller
, Ben Steverman
, and Max Abelson
December 20, 2017, 4:00 AM CST
Mortgage Interest Cap Impact by County
http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/12/20/2017.12.20%20-%20Mortgage.jpg