There you go. It's really as simple as that.
Here in the Seattle area, the typical residential real estate transaction generates about 9% of the sales price in commissions, closing costs, professional services, transfer taxes - money that immediately starts to cycle through the economy. Not to mention any work orders or updates taken by the new owners.
However. The amount of mortgage loan that's subject to interest deduction is currently capped, and that cap could be modified or staggered with little or no effect - does somebody not borrow $750,000 for a nice home because the interest over $500,000 is not deductible?
We are facing serious revenue shortages, and we need to figure out ways of raising revenue, locally and nationally - not figure out ways to reduce revenue!