Should the mortgage interest deduction be continued in a fair tax code? In my opinion this is highly debatable.
The exemption for the interest on a loan for buying a house is not be available to renters,
those who are saving for purchase of a house,
or those who have paid for their homes, but these people still have significant expenses related to maintenance of their home.
All of these groups comprise large segments of society. Why should a tax break be limited to those few who are paying interest on a loan?
Those who rent deserve a rental deduction
as do the homeowners deserve a deduction for maintenance of that home
as do those saving for purchase of a home.
To be fair, one should take the average cost of these various needs to promote housing in general and come up with a standard housing deduction that one would roll into a basic living expense deduction in a fair tax code.