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Good morning.

Here’s what you need to know:

The tax bill’s losers.

• While the Republican tax overhaul would add up to an overall cut for individual taxpayers, at least through 2025, millions could face immediate tax increases. (Check the numbers for each income group here.)

For those in high-tax (and Democratic-leaning) states, the increase would come from the repeal of the state and local tax deduction.

New York City and its neighbors would be particularly hard hit, according to our overview of the bill’s regional impact. “Who’s going to want to buy our house here in New York?” a resident of an affluent commuter town said. “The whole game has shifted.”