Don't take this as defending the plan, because it morphed into

a bit of a mess, but I think the original idea was to lower rates but eliminate deductions to mostly offset the lower rates, and move to fewer brackets... all to simplify the tax code. The fact that the elimination of deductions for lower rates tends to screw people in blue parts of the country is just gravy.

And it's definitely not true that no one is better off for this. My mortgage is below $750K and while my property taxes are above the $10K limit, I get my deductions phased out, so I actually ended up taking the standard deduction last year for the first time in like 20 years. So the mortgage changes don't hurt me, the doubling of the standard deduction actually helps me and the lower tax rates help me (and without the MI and property tax deduction changes, they could not afford to decrease rates by as much or increase the standard deduction by as much). So on balance this plan is great for me. If I'm objective about it, I'll say the changes that benefit me are probably not "necessary", but it's clearly not a true statement to say no one benefits from it.

(In response to this post by WahooRQ)

Posted: 12/20/2017 at 12:58PM

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Existing Home Sales figures are strong (link) -- Tuckahokie 12/20/2017 11:18AM

Yes, the best in 11 years -- VaTechie 12/20/2017 1:09PM

Check back in the next year or two after the MI deduction is reduced and -- WahooRQ 12/20/2017 11:46AM

No one buys a house for the deduction. You guys are really stretching here. ** -- SokurHoo83 12/20/2017 12:28PM

I talked my friend at 55 to do it -- VaTechie 12/20/2017 4:30PM

I believe that whether one buys, rather than continue to rent -- NJHoo 12/20/2017 1:22PM

Yes they do. I did (in part). -- WahooMatt05 12/20/2017 1:04PM

Same here. I didn't understand a thing, but I had heard that -- HoosWillWin 12/20/2017 1:20PM

The deduction increases the sale price/value of the house -- KCHoo 12/20/2017 12:50PM

The deduction still exists, it is just now smaller than the -- BocaHoo91 12/20/2017 1:05PM

The incentive to purchase that first home is greatly reduced for many ** -- NJHoo 12/20/2017 1:28PM

Greatly? -- BocaHoo91 12/20/2017 1:40PM

Granted, my adverb selection was imprecise -- NJHoo 12/20/2017 2:27PM

No, but the deduction reduces the net cost of home ownership -- 111Balz 12/20/2017 12:36PM

The home prices must fall to account for the higher net cost.. ** -- Sabremetrician 12/20/2017 1:17PM

If the higher cost tempers demand, yes. And it should -- 111Balz 12/20/2017 2:14PM

It will be interesting to see. My guess is if the economy is doing well, -- BocaHoo91 12/20/2017 12:05PM

Agree that mortgage rates should have much more direct impact. ** -- KCHoo 12/20/2017 1:04PM

I'm inclined to agree, but it's speculation and this is similar to folks -- WahooRQ 12/20/2017 12:40PM

Don't take this as defending the plan, because it morphed into -- BocaHoo91 12/20/2017 12:58PM

We will see how great it is for you when rich NYers stop buying tax shelter -- WahooRQ 12/20/2017 1:10PM

Yeah, I'll believe that when I see it. It's like the 6th -- BocaHoo91 12/20/2017 1:21PM

You mention upgrading by renovation. This bill also eliminates the -- THECZAR 12/20/2017 12:44PM

I think the housing market will hold steady throughout -- Hoojack 12/20/2017 12:25PM

That last sentence is a very good point -- WahooMatt05 12/20/2017 12:20PM

But if interest rates go up, don't housing prices fall in tandem? So the -- THECZAR 12/20/2017 12:41PM

If prices fall on what I'm buying, -- WahooMatt05 12/20/2017 12:49PM

We've become spoiled. I remember being ecstatic refinancing down to 6 1/2%. -- Hoodafan 12/20/2017 12:25PM