Yes, one set of rules for everyone. Just imagine how the money would flow into the government coffers if interest was not deductible for everyone, real and fictional people alike. Imagine if every one of us could take a depreciation deduction on capital purchases like homes and cars. And so on.
Imagine how great it would be if businesses couldn’t expand or innovate because the economic system was no longer set up to encourage expansion.
Imagine how people who got laid off could sit at home and not have to pay taxes on their purchases because they couldn’t make any.
Imagine someone that doesn’t understand that when you tax businesses they pass it down to the consumer in higher prices so the tax falls the heaviest on the poorest Americans.
The truth is that right now, this very minute, I can take depreciation deductions for business property I personally own, and both individuals and corporations can deduct mortgage interest. The difference is that the new tax code gives us a standard deduction which is so large that most people find it advantageous to use that instead of itemizing.
Both corporations and individuals can deduct interest on business property. There are limits on the interest deductions on personal property, like a house you live in.