As long as everything is on the table should the mortgage deductions be eliminated or reduced. I think the time has come to look at this more closely at this as a source of revenue & overall fairness
Faze out the deduction over time!
I stopped being an owner at 30 & as a renter I might be inclined to being convinced that the mortgage deduction be done away with.
"The fiscal commissions of two different Presidents proposed eliminating it, first in 2005 and then in 2010. There's also a steady stream of research from such places as the London School of Economics and the Brookings Institution arguing that the deduction doesn't boost home ownership, but instead provides incentives for wealthier Americans to buy big houses and take on more debt."
I unloaded 70% of the real estate funds I had this week I think they reached their max and had a good run up the last 2 years & I'm not so sure that they can sustain double digit growth that I was enjoying for the last 2 & a half years.
Internal Revenue Service data show that only a quarter of tax filers claim the deduction!
I'm almost betting some of the fiscal conservatives and small government crowd might just be against this bit of ongoing stimulus!
Either faze it out over time or reduce it for houses over a certain level or as Romney proposed for 2nd homes or vacation homes.
Here is a link that might be useful: Faze it out over 10 years