I cannot get political about this topic so I won't. I do remember which candidate and party first proposed the elimination of the mortgage interest deduction during the Presidential election but that is beside the point.
Can you imagine the furor which would ensue over the elimination of the mortage interest deduction? The banking industry lobbyists, the real estate association lobbyists, the home builders association lobbyists, and others would have their workers doing overtime work with Congress trying to have this proposal eliminated as it would hurt their industries.
I can see it as a bargaining chip and the possibility of a capped limit on mortgage interest deduction or for those people with a gross income over a certain amount so it will not affect the "working class" as much. I certainly see the possibility of elimination of mortgage interest deduction for any home that is not your principle residence (this would hurt "snowbirds" and landlords).
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