Take away the mortgage interest deduction and you might as well kill Schedule A with all of the other Itemized deductions like State Taxes, Medical Deductions, Charitable Donations, Casualty Losses and the rest. I am one who waited for years to be financially able to put my 20% down for a mortgage. Where is President Obama’s legendary ‘FAIRNESS’ in taking away something that I had every reason to trust would continue in my budget?
(Oh, that is right, he hasn’t been able to pass one yet, doh!)
My mortgage is so low that the deduction is less than the minimum automatic deduction, even itemizing. So it does not benefit me to claim it anymore.