True, this seems like a big tax cut for folks in midwest or south with low property prices, who would have a pretty large standard deduction. But, could hit the middle & upper middle class folks in the coastal areas who rely on the itemized deduction of state & local taxes including rather high property taxes due to valuation of their homes. Don’t think it will pass in its current form, from Nytimes —“That proposal is likely to engender strong resistance from home builders and real estate agents, who fear it would diminish the importance of the mortgage interest deduction, as well as other sectors that could see the tax benefits associated with their businesses curbed or eliminated.”
