The main thing wrong (for poor or middle Class people) is it takes away every incentive tax wise to buy a house.
Why is this bad?
Because it encourages people to rent rather than to buy unless they are rich.
So, Middle Class and poor people will never choose to buy a house because they cannot write off the Interest of a home loan.
And 2nd and maybe more important to many of you:
All Tax credits for buying an electric vehicle are being removed by this plan.
This will obviously help oil companies as the price of gas and diesel rises because of this change.
But for most people it just makes their lives more miserable.
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