I would like to know who those people are? We were not able to take a mortgage deduction for years as the STANDARD deduction always came to more then what taking the few deductions would give us. Same with my daughter who only made about $35,000 a year. Single parent with 3 kids. Her standard deduction was more then what the mortgage deduction and interest deduction would give her.
It works for people that buy houses in high priced home areas.
I live & work as a CPA in SoCal. Most condos start at least at $500K and as you can imagine, other homes are much more, so the mortgage interest on these properties far exceeds the current standard deduction. Then you re-finance and have a second mortgage adding to the interest deduction. With higher priced homes, comes higher property taxes. People who can afford these homes, pay high state taxes. All of these are currently itemized deductions. State taxes alone, in most cases will allow taxpayers to be above the current standard deduction & allow them to itemize their deductions on a Schedule A.
The proposed doubling of the Standard Deduction would eliminate most people from itemizing, especially after being in a home around 10 years and paying on the mortgage where interest becomes less and less of the principal + interest payment.