So this happened!
Let me start off by saying that I don't itemize and so we don't claim the Mortgage Interest Deduction, so my bias may well lay on this fact.
My wife and I scrimped and saved (eating a LOT of rice and beans) to put together a 20% down payment on a house that we could afford. We paid up front another couple points to drop the interest down even more - so, we actively worked so that, in the end, and within our income bracket, we essentially made ourselves ineligible for the deduction.
OK - so I get the sense that part of the ideas being floated by the Republicans is to limit the Mortgage Interest deduction. Why are we opposed to this?
Now before You all jump down on me about this, YES, I understand that they are proposing this as an alternate to raising the Top Marginal Rate, to which my response is "Why can't we do both!?" ... but, why are we defending the Mortgage Interest Deduction?
Without getting into how this deduction MAY have contributed to the housing bubble, let us deal with where we are now!
Take a look at this table from 2008 on Percentage of People claiming the Mortgage Interest Deduction:
Mortgage Interest Deduction
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