I think it's a fine idea. There are doubtless many other good ideas. The problem is and remains the Norquist Pledge. Any sort of changes to tax policy which result in net revenue increases the pledge signers are duty bound to reject. And they have made it clear that limiting deductions qualifies as a tax increase. Since 97% of the GOP in Congress have signed that pledge and so far they have not deviated from it, I don't see how this is going to happen, unless it is entirely revenue neutral.