Or it will take us decades to recover. Besides, it be incredibly unfair. Why? Because home prices would come down as soon as the deduction was scrubbed from "write-off" status. So those who already own homes would screwed because they not only would be stuck with their current mortgages, but would also lose value on their homes. That doesn't even address how this would kill any housing recovery which drives much of our economy. Fiscal battle over mortgage deduction Hands off the mortgage interest tax deduction - Nov. 27, 2012 If we really want to add jobs, this would be the most foolish move our elected officials could make. I can see capping it at a certain level so people who buy $3 million homes would be limitted in how much could written off. But if this deduction were to be eliminated, all hell would break loose economically. I would suggest they go back to the drawing board. Finally, wouldn't such a move break Obama's promise of not raising taxes on the middle class? Yes, of course it would.