Control Count on P tag w/ Content Editable

HTML

<p id="textarea" maxlength="99" contenteditable="true">This content is editable with a max character count of 99.</p>
<div id="textarea_feedback"></div>

CSS

p {
    padding: 1em;
    border: 1px solid black;
}

JavaScript

$(document).ready(function() {
    var text_max = $("p").attr("maxlength"),
        text_remaining;
  
    var countText = function(e) {
        var text_remaining = text_max - $("#textarea").text().length;
        $('#textarea_feedback').html(text_remaining + ' characters remaining');
    };
  
    $('#textarea').keyup();
    $('#textarea').keydown();
  
    countText();
});
document.getElementById("textarea").onkeypress = function(){
    return this.innerText.length < this.attributes['maxlength'].value;
}