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Read the data for yourself, here, from the Joint Committee on Taxation's own estimate of the "cost" to the government of your mortgage interest deduction.
The JCT estimated that the government's biggest loss of revenue between 2007 and 2011 came from the exclusion of dividends and long term capital gains from higher tax rates. This does NOT include gains from selling real estate.
Tax losses from deductions for health insurance expenditures ranked second, tax losses from deductions for retirement plans third, all three of which range between $632 billion and $607 billion over 5 years.
The tax loss from deducting mortgage interest was a distant fourth, at $430 billion, yet the drumbeat from so-called conservatives to eliminate the deduction gets louder everyday.
Can you say, "Middle Class Tax Increase"?
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