ML-Implode News - Why Trump should have ditched the mortgage-interest deduction

While many Americans and lobbyists working on behalf of the real estate industry defend the mortgage-interest deduction, not too many people are taking it. Wealthy Americans are far more likely to benefit from the mortgage-interest deduction than others, in part because they're more likely to itemize their tax returns.
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Trump's plan calls for doubling the standard deduction to $12,400 for single individuals and $25,200 for married couples filing jointly, which consequently would raise the bar in terms of the amount homeowners need to pay in mortgage interest to qualify.

That makes it even more likely that wealthy Americans and those living in high-priced real estate markets will be the ones to benefit, said Svenja Gudell, chief economist at real estate website Zillow. "Before it was for the wealthy, now it's for the ultra-wealthy," Gudell said.

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Why Trump should have ditched the mortgage-interest deduction