Eliminating the Deduction for State and Local Income Taxes Reduces the Value of the Mortgage Interest Deduction

The NYT had a good piece discussing the potential impact of capping the mortgage interest deduction and property taxes on the housing market; however, the piece missed an important way in which the Republican tax bills would reduce the benefits of the mortgage interest deduction. The piece notes that doubling the standard deduction will reduce the number of people who itemize and therefore benefit from the mortgage interest deduction.

But both bills also end the deduction for state and local...