Housing industry lobbyists often make the case that, whatever you think of the mortgage interest deduction, now would be a terrible time to eliminate or restructure the subsidy.

FORBES: This May Be The Ideal Time To Reform The Mortgage Interest Deduction

However, it was massive government support for the housing industry through the mortgage deduction, rules such as the Community Reinvestment Act, and a multitude of subsidy programs that created the property bubble which burst so disastrously in 2008.

FORBES: Raise Taxes To Clinton-Era Levels? How About Spend At Clinton-Era Levels?

In 1960 only 15% of federal income tax returns had a zero tax liability, due mostly to low taxable income, a standard deduction, the personal exemption, the dependent exemption, and the Earned Income Tax Credit (a direct subsidy to people for being poor).

FORBES: Representation Without Taxation - So Where's the Outrage?