$1m loan even at 5% interest is 50k interest per year... assuming if you are taking out that kind of loan you are probably in the 32% tax bracket at least.. so the cap on mtg deduction means these folks are going to have to pay 12.8k or so on their federal income taxes with the cap now in place.
Correct me if I’m wrong.
I believe the cap is on property tax, not mortgage interest.