Please note that personal exemptions ($4,050) and deductions are additive. You get *both* unless, of course, personal exemptions are eliminated as in the current proposal.
A couple with 2 kids would lose $16,200 in exemptions totally apart from deductions.
Do you know what your house payments would have to be at 5% interest, to reach $24k in interest payments each year?
$480,000.00 a year. That would be $40,000 a month. I doubt many FReepers will be paying those kind of house payments.
Keep in mind, I used a relatively high (today) rate of interest too. Today’s mortgage interest rates are in the 3% range.
If a person is making $4 thousand a month house payments, that would work out to $48k per year, and $2,400 dollars a year in interest mortgage interest paid.
$24,000 - $2,400 leaves $21,600 surplus in the personal deductions for two people.
I’m not sure how folks are going to get killed here, with higher taxes.