Reply #6: For the wealthiest, I think many of the loopholes are eliminated by

[karynnj]

alternative minimum tax any way, so I suspect that for the upper middle class, it likely lowers their rates. I have no idea what it would do for the super wealthy as I don't have any idea how it would affect any of their current ways of reducing taxes, but I suspect that just like last time - the loopholes will return in different form.

I think you may be on to something with middle class, who own homes (unlike the upper middle class where the ATM is currently triggered) might actually pay more. They will get lower rates, but losing the deduction could hurt them badly. Another impact is that it could lower the value of homes if it cuts demand for houses.