By 
Most middle-income taxpayers are often concerned about the total amount of tax they would have to pay to the government during the last tax year. Usually, their taxable income is quite high and they do not find any way to reduce this income. Obviously, if you cannot show that your taxable income is less, your tax burden would be higher. For middle-income homeowners, the mortgage interest deduction is a good way to reduce taxable dollars. Although it is quite a debatable topic, there is not much awareness about what the mortgage interest deduction is about and how it helps the taxpayer.
Most middle-income households have an outstanding mortgage on their homes. Even a large group of high-income taxpayers have to pay their home mortgage. Now, under mortgage interest deductions, these taxpayers have the opportunity to show the interest paid in the last year on their tax forms and get a tax deduction for it. In simple terms, your taxable income would be reduced by the amount of interest you paid in the past year on your home mortgage payments.
A common question taxpayers ask is that the amount of the home mortgage is not as much as the tax dollar deductions they would like. So would it help them? Second, if tax deductions are provided on the full amount of the mortgage paid, people with higher incomes and a higher mortgage will always be able to get more benefit from the deduction than middle or even low income groups. However, these are unfounded fears. First, the deductions would be equal to the amount you paid last year. If the mortgage interest deduction hadn’t been in place, you’d have to bear an unnecessary tax burden and pay almost double what you’re supposed to pay. This method helps balance the tax system. Therefore, the tax burden that could have been a part of your life is now removed. There may not be very big gains, but there will be no losses in the system either.
The second question seems quite readable since the mortgage interest deduction is effectively increasing with the higher amount of mortgage payable by users. In simple terms, this could mean that the wealthiest taxpayers would get a bigger tax break than anyone else. We must remember that there are also many limitations on the mortgage interest deduction. It is because of these limitations that there are no cases of rich people saving more than those with medium or low income.