Is $1 Million Too High?

A recent article in the Washington Post indicates that it might be.  The article, Fixing The Most Expensive Tax Deduction, accurately states that taxpayers who pay mortgage interest on their primary residence typically receive significant tax benefits by way of an itemized deduction for mortgage interest paid on principal mortgages up to $1 million dollars.  The deduction for interest paid on principal mortgage indebtedness above the $1 million cap is limited.  According to the linked article, economic indicators appear to reflect that the $1 million cap might be too high.  Do you agree?  Read the article and provide your comments.

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