""Even those of us who live in modest homes will have their deduction reduced from 27% to 15%.""
This is the problem and what people knee-jerk react to without understanding. This is NOT 27% to 15%. It is eliminating the ability to recude your income by the amount of mortgage interest and adding the ability to reduce the amount of tax you owe by 15% of your interest paid. The 15% is a CREDIT. People will never get this. This is what will doom the effort. You must run your own numbers to see if you will pay more or less.....
typing error corrected:
""Even those of us who live in modest homes will have their deduction reduced from 27% to 15%.""
This is the problem and what people knee-jerk react to without understanding. This is NOT 27% to 15%. It is eliminating the ability to reduce your income by the amount of mortgage interest and adding the ability to reduce the amount of tax you owe by 15% of your interest paid. The 15% is a CREDIT. People will never get this. This is what will doom the effort. You must run your own numbers to see if you will pay more or less.....