New tax law

On Morning Joe this AM they were bemoaning the fact that wealthy people in high tax states were going to pay more taxes because of the new tax law and that many of them voted democrat in the 2018 midterms because of these tax changes. While that is probably true it does show that middle upper income people will pay more taxes other things being equal. In 2017 30% of taxpayers itemized deductions and people with incomes of over $100,000 received 88% of these deductions. People with high incomes who live in states with high taxes benefit the most from these deductions. These are mostly from deducting state income tax and property tax. For a family with $400,000 income living in a million dollar home the new tax law will have an adverse effect. Their state income tax and property tax could easily be more than $40,000 but the new tax law limits their deduction for these two items to $10,000. In addition the mortgage interest deduction will be limited to mortgages up to $750,000. Once again many wealthy people have homes worth several million dollars and they will lose some of their mortgage interest deductions so rich people are not too happy with the new tax law.