What gets proposed and what gets passed are always two VERY different things.

If I had to guess, this will be treated like any other deduction that gets "phased out for the rich". There'll be a cap on just how much mortgage interest you can deduct. That way, the middle class doesn't get hit.

In my case, if the mortgage deduction was taken away, I'd be looking at another $17,000 in taxable income (assuming they did away with the property tax deduction as well). That's a chunk of change and there are a lot of people in worse shape than I am.