Citizen bailout

Rather than spend an uncountable amount of money bailing out companies which will use too much of the monies they receive on disproportionate salaries for higher level administrative positions, why doesn't the Obama government create a new tax deduction for rent and mortgage payments below a fixed amount and then index the amount to inflation? Not just the interest on a mortgage but the entire payment! A side benefit would be that landlords would have to declare the rent as income. Everyone would be able to be free of tax on that amount of money they spend to put a roof over their head. At least a reasonable roof. It would also put renters in the same boat as homeowners and eliminate a subliminal reason for otherwise contented people to overextend themselves by buying a house they cannot afford. Couple this with a "fair tax" system and April 15th could become just another day for most of us.