On Nov. 29, Congress and the White House began looking at the removal of the mortgage interest deduction for taxpayers who own a home, and believe it could be a low impact measure to save revenues towards cutting the deficit.
But as Congress and the White House negotiate the first major rewrite of tax laws in decades, changing the generations-old mortgage-interest deduction — which costs the government roughly $100 billion a year — has gone from far-off possibility to part of the conversation. - Washington Post
Congress passed the home mortgage interest deduction as a means to help Americans buy affordable housing, and create jobs and economic growth through construction and all the industries tied to home buying. By removing this long standing deduction, not only would it add an average of $5000 to the tax burden of most homeowners, but it would take away a key selling point for realtors in offering home buying vs renting as an option.