Originally Posted by AmeliaG

The median household income is $50k to $70k, varying by state. Average standard deduction is now $24k, right? That IRS link from the other thread caps the itemized deduction for state and local taxes at $10k. So that means there are mathematically zero middle income households getting taxed higher. For example, in order to pay $10k+ in taxes in California, a household would have to earn more than $107k in income. So, at $107k, that is still fully deductible.

The median home price is $200k. The most likely so-so interest rate is approximately 5%. That means the interest rate deduction on an average home is less than $10k. As $10k is less than $24k, that indicates that middle class Americans have no need to itemize and pay less in taxes with this plan. For it to be worth itemizing, a home would have to cost like half a mill and be owned for less than 3 years for this to be a minus.

So, did some people lose under the new plan? Possibly yes for people who are high income and do not make their income from business and do not make their income from sales and who own very expensive houses that they have only owned for a short time.

So are folks really crying for people with six figure cubicle jobs, which have none of their compensation tied to performance, and who recently purchased super expensive homes in high income tax states?

Do the math.