2018 proposed tax changes

[Marcus Auerbach]

2018 is comming up fast and Washington is debating a tax reform bill. I have not heard anything local from Milwaukee or Wisconsin State level, but I would be curious to hear comments on the proposed tax bill on a federal level. Cutting back from 7 to 4 proposed tax brackets looks like good news for most of us. 

But there are a lot of details around this for example mortgage interest write offs and a cap for property tax write offs at $$10,000 - I am not clear if this is for your primary residence only of if that also applys to a rental portfolios? For those who pay $100,000 in property taxes, do we loose $90,000 in taxe deductions??

 credit for tables: Kelly Phillips Erb / Forbes