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U.S. metros most affected long-term by Trump Tax Bill 2018
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U.S. metros most affected long-term by Trump Tax Bill 2018
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)
by Statista Research Department,
last edited
Dec 7, 2018
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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by Statista Research Department,
last edited
Dec 7, 2018
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.
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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.
Source
- Show sources information
- As a Premium user you get access to the detailed source references and background information about this statistic.
- Show publisher information
- Release date
- March 2018
More information
- 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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