Here’s the net-net of the proposed Republican plan to “lower” our taxes. Mortgage interest deductions would be capped at mortgages $500,000 or less (half the current $1 million) for primary residences. Mortgage interest deductions for second homes would simply vanish. You may be thinking this doesn’t sound bad and you may be mostly right. While I suspect the $500,000-plus market is relatively smaller than the sub-$500,000 market, the rub may be with the second home deduction. After all, how many soon-to-be retirees have a $400,000 primary residence and a $250,000 second home?