The mortgage deduction is so interwoven into household budgets, to remove it without reforming the entire tax code, would severely harm some families and probably bankrupt others. This is especially true in a soft real estate market.

All tax rates need to be lowered before the so called "loopholes" are reduced or eliminated. The other solution might be to give renters a proportional deduction for what they pay.

The argument for the fairness of deductions or for any generally applied tax is a subjective one. As long as you have any tax, someone is going to pay a disproportionate amount from what they receive. The theory is that since everyone receive more or less of each service, it all balances out in end.

Of course it never does.

You're concerned that you may end up with more money?

Philosophically I completely agree with getting rid of income tax altogether and moving towards consumption taxes instead, but there is little popular support for this proposition.

The entrenched system will not give way easily.

I agree with your statement on the economy, Nietzsche.
The original link I saw showed the entire article. Sorry this link is behind a pay wall.