Only if personal exemptions are also abolished. Otherwise people with kids or those who earn less than the exemption are indirectly subsidizing those who enjoy the full exemption. Personally, I like a flat tax with some amount for each individual in the household exempt from taxes, so that basic needs can be met before taxes come out. Better yet a NRST exempting wholesale food, rent and mortgage interest on a primary residence. Better privacy with a NRST, and more incentives to save and invest.
I don’t want anything exempt. Deductions and credits and exemptions are all in the same camp — letting the government influence your decisions. That said, I understand people aren’t willing to give them all up immediately. That is why I favor a minimum tax so that no matter how many deductions you’ve got or how little money you make, your tax bite will still be at least 10% of your AGI. I’d add that one condition to Newt’s 15% flat tax that still allows the most popular deductions — that those deductions can’t reduce your tax below 10% of AGI.