Both bills kills state and local taxes. I believe both kill the mortgage deduction for home equity lines and second homes (more on that in a bit).
So, you can be sure both of those are gone. The Senate bill allows for the property tax deduction up to $10,000. I'm not sure about the House bill but I expect you will see property tax up to $10k in whatever is passed. And, both will up the deduction for a married couple to $24k. The problem, for me, is I currently take more than $24k in deductions. But, with the loss of home equity, state and local taxes, and the teacher deductions, I'm going to get royally screwed here. I haven't sat and done all the math but I figure I'm going to get hit by something in the $3,000 - $5,000 range. I'm not even remotely happy about it.
Anyway, here is a dilemma - I used the home equity line to actually improve my house (as opposed to those who used it as an ATM to buy a boat). We gutted one floor of the house, redid the kitchen, opened up walls, put down hardwood floors, etc. We also re did 2 bathrooms. My kitchen had not been updated since the mid 80s and it was literally falling apart and I had to do something. My master bathroom was redone ~12 years ago, but it was done by someone who had no idea what he was doing, and it had started to leak. so, I owe a bunch of money on that. In addition to the interest, which is considerable and keeps growing, I've been paying down $500 extra a month on that. I had it so I'd pay that off a year or 2 after my mortgage was done (I can actually pay it off a year after if I just pay the mortgage amount into the home equity + the extra money, which is what I will likely do). My primary mortgage has a little under 15 years to go. And, I've been able to take the tax break on the whole thing. That is going to go away, though.
Do I refinance the whole thing? Do I pay the $3,400 in costs to refinance to get myself at the exact same interest rate I currently have and add a little bit of time (months really) to get the whole debt in as a mortgage instead of some of it as a home equity loan? When I ran the numbers, it actually was less money out the door than I am currently paying, but over time that will change as the interest payment will lower as I pay down the HE loan. I've been trying to figure out what I should do with that. I think I may wait and see what finally gets signed into law, but I'm not happy about any of this.
Oh, if you're worried about the trillion dollars of debt this is going to add to the deficit, the Republicans plan is to basically start stripping out benefits from Medicare and Social Security starting next year to offset that costs. So, we all have that to look forward to.