GOP tax cuts expected to slash usage of popular deductions
Fewer people are expected to use two of the most popular tax deductions — the ones for mortgage interest and state and local taxes — now that the new tax law limits them, according to an analysis by the Joint Committee on Taxation.
Why it matters: Many of those people will benefit from another part of the law — the doubling of the standard deduction — so it's not that they'll be worse off. But the changes could increase the after-tax cost of owning a home. And people might be less likely to give money to charities if they're not itemizing their deductions.