“This is deduction reform, NOT tax reform. Ronald Reagan is rolling in his grave.”
Reagan signed the bill that ended the deductibility of Credit Card interest - which hit a number of people, hard. Had there been more conservatives in Congress, I have NO DOUBT that he would have done the same for SALT.
Reagan did indeed do away with credit card interest deductions. But he reduced ALL individual tax brackets on average 25%, with the top bracket slashed to 28%. And he did this with DEMOCRAT control of Congress.
Putting caps on SALT and mortgage interest picks winners and losers based on class warfare. We can do better. And should do better with full GOP control of Congress and the White House.