Overall, this is a great plan for me. I do not make more than $500K, or have a $1M mortgage. I have an average value home.
My tax rate gets lowered.
The standard exemption for me goes up from $6,500 to $12,000+.
I lose my state income tax deduction, but that is more than offset by a lower tax rate and a higher personal exemption.
The property taxes are limited to $10K, I pay less than $2,500 now. I can still buy a second home, deduct them, and be under the $10K limit.
I do not have mortgage interest now, but sometimes I use my HELOC for short term loans. I can still deduct the interest amounts.
The exclusion of the sale of a home except once every five years may hurt, but I have never used it yet, so unlikely to affect me too negatively.
I am not sure about pass-through entities and income based on the article. I may have to restructure some businesses, or dissolve them to take full advantage of the new law. Either way, it appears to be OK. It appears a maximum tax rate of 25%, or maybe I can deduct 17.4% of the income?
I can definitely see how people with expensive houses with a large mortgage and high property taxes may lose some of the deductions.
I am ready for the changes.