Mortgage Interest Deduction Might Turn into a Credit Instead

This sounds like a sound tax reform as long as they reduce my capital gains taxes as well.

The various proposals would have a tax credit from a low of 12 percent to a high of 15 percent, without the need for taxpayers to itemize their returns. The proposals would limit the mortgage interest covered in the credit up to $500,000, or half of what it is now. All but one of the major proposals would eliminate the tax credit for a second home. 

"A tax credit is a much fairer way to help homeowners, especially those that need it, like lower income families," argued Fisher. 

This will help lower income home owners who don't itemize deductions and don't have a second home at all. Couple this with an across the board capital gains and dividend tax cut as well as a lower corporate tax rate and we might have some growth going forward.