The Republican tax overhaul will not be the punishment expected by many residents of high-tax, Democrat-voting areas. Many of those who have the most to lose from the elimination of state and local tax deductions will actually come out ahead under either the House or Senate versions of the bills. Many residents of places like New York City, which couple high taxes with high costs, fear the provisions of both bills that would eliminate or reduce the deductions they receive for the income and property taxes they pay locally. The Senate bill would preserve a property tax deduction up to...