I agree with you. So add a provision that people had to have that home as their principle residence for "x" years ( 3 - 5) to be eligible for the tax loss.
The real issue is living within your means. We bought our house 13 years ago and it's nothing to write home about. Lots of people in our development cashed out their equity and bought bigger houses and moved away.
I had suffered through the S&L bailout back in the 1990s and didn't want to go through that crap again.
In today's world you simply have to run your budget on one income and not two. Right now I have a ton of equity in our house and could right a check tomorrow to pay off the mortgage.
I do get a whine once in a while from the wife about the house and why we don't have a bigger one etc.
I tell her to look in the classifieds and check out the foreclosures.
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