I have been a Realtor since 1985 and a California homeowner since 1961. I am convinced that a majority of home buyers have considered their mortgage interest deduction as a federally sponsored incentive for homeownership.
Let's consider limiting that deduction to $50,000 on a primary residence. This change would impact only those who can afford a mortgage that has an annual interest payment in excess of $50,000.
The Republicans who call for boosting tax revenue by closing loopholes rarely identify a single loophole they would like to close. The mortgage interest deduction is not a loophole; those are reserved for the very rich, the kind who stash money in foreign bank accounts.