U.S. metros most affected long-term by Trump Tax Bill 2018

Published by Statista Research Department, Dec 19, 2022
This statistic shows the loss of housing tax deductions due to Trump Tax Bill over 30-year mortgage in selected metros in the United States in 2018. The average homeowner in San Jose, California will lose 114,000 U.S. dollars in housing tax deductions as a result of the Bill over the course of their 30-year mortgage.

Loss of housing tax deductions due to Trump Tax Bill over 30-year mortgage in selected metros in the United States in 2018 (in 1,000 U.S. dollars)

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Release date

March 2018

Region

United States

Survey time period

2018

Supplementary notes

The official name of the Trump Tax Bill is the "Tax Cuts and Jobs Act of 2017", which was signed into law on December 22, 2017. The following changes were made to tax benefits for homeowners:
(1) the cap on the mortgage interest deduction has been reduced from $1 million to $750,000;
(2) deductions for state and local taxes, including property taxes, have been capped at $10,000; and
(3) standard deductions have been doubled, such that fewer homeowners will itemize their tax filings.

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