Because you can no longer write off your property taxes (or any state taxes) beyond $10,000. What this means in states like California, New Jersey and New York is that your taxes (Federal and state could rise $10,000 to $40,000 a year per household (if you own a home worth $500,000 or more)(which most homes in California now do by the way). The way this will devastate the housing market in all these states will be by reducing housing values markedly, is that people on fixed incomes will be forced to do one of two things: 1. They will have to rent out the homes they want to live in so they can write off their property taxes as a business expense. 2. Or they will have to sell the homes they want to live in and downsize to an apartment rather than live near their life long friends where they want to.
This in turn will markedly reduce the value of all homes in New Jersey, New York and California because of all these forced sales.
In fact, these three states could easily (because of this housing disaster caused by Trump's Tax Bill) could begin the next recession or Great Depression that moves all across the world.
And this is the revenge Trump has brought to Democratic leaning states by helping to destroy their economies.
But, this will backfire because states like California for example, is the 6th largest economy in the world. What this will likely mean is doing this will make Trump be blamed for the next recession or Depression caused by the Tax Bill just passed (ONLY BY Republicans in Congress).
begin quote from:
Frelinghuysen Explains Why He Voted 'No' On Tax Bill | Morristown ...
https://patch.com/new-jersey/.../frelinghuysen-explains-why-he-voted-no-tax-bill
Morristown 
Tuesday, January 30th, 2018
politics & government
Frelinghuysen Explains Why He Voted 'No' On Tax Bill
Rep. Rodney Frelinghuysen was one of twelve Republicans, nearly all from high-tax states, to vote against the historic tax reform bill.
By Carly Baldwin, Patch Staff | | Updated
MORRISTOWN, NJ — Rep. Rodney Frelinghuysen (NJ-11), was one of
twelve Republicans in the House to vote against the historic tax reform
bill on Tuesday, which passed the House with otherwise broad Republican
support and not a single "yes" vote from Democrats.
Frelinghuysen said he voted against it because the bill caps the deduction many New Jersey residents take on their taxes for state and local taxes. He also warned that should the tax bill become law, New Jersey's housing market will suffer.
"The people of New Jersey already carry an extremely heavy tax burden. They need and deserve tax cuts. Unfortunately, H.R. 1 caps the federal deduction for state and local taxes (SALT), which will lead to tax increases for far too many hardworking New Jersey families," said Frelinghuysen's office in a statement. "This legislation will also damage our state's housing market and business environment.
"I had hoped to be able to vote for a pro-growth tax bill. However, H.R. 1 forces New Jersey residents to pay for tax cuts for residents in other states. I voted 'No'!" he said.
Nearly all the Republicans who voted against the tax bill are from high-tax states, such as New Jersey, New York and California. Many New Jersey homeowners appreciate being able to deduct New Jersey's remarkably high property taxes. Trump's tax overhaul would limit how much people can now deduct, limiting it to a mere $10,000. Fellow New Jersey Republican Congressman Chris Smith, who represents wealthy parts of Monmouth County, as well as Ocean and Mercer, also voted against the bill.
Frelinghuysen said he voted against it because the bill caps the deduction many New Jersey residents take on their taxes for state and local taxes. He also warned that should the tax bill become law, New Jersey's housing market will suffer.
"The people of New Jersey already carry an extremely heavy tax burden. They need and deserve tax cuts. Unfortunately, H.R. 1 caps the federal deduction for state and local taxes (SALT), which will lead to tax increases for far too many hardworking New Jersey families," said Frelinghuysen's office in a statement. "This legislation will also damage our state's housing market and business environment.
"I had hoped to be able to vote for a pro-growth tax bill. However, H.R. 1 forces New Jersey residents to pay for tax cuts for residents in other states. I voted 'No'!" he said.
Nearly all the Republicans who voted against the tax bill are from high-tax states, such as New Jersey, New York and California. Many New Jersey homeowners appreciate being able to deduct New Jersey's remarkably high property taxes. Trump's tax overhaul would limit how much people can now deduct, limiting it to a mere $10,000. Fellow New Jersey Republican Congressman Chris Smith, who represents wealthy parts of Monmouth County, as well as Ocean and Mercer, also voted against the bill.
Trump narrowly won New Jersey's 11th district, and Frelinghuysen's seat is facing a growing challenge from Democrat Mikie Sherrill, a former federal prosecutor, Navy veteran and mother of four in Montclair. The election for the seat is in November 2018.
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