The inherited funds are new to the recipient. It is the same with the "gift tax." I can give each of my kids up to $14K/year without it being taxable to them. After that, they have to pay taxes on everything over $14K. Why isn't this "unfair" tax being eliminated if the "unfair" estate tax is? The effect of the estate tax is to keep wealth passed down within a family for generations. (R)s used the specious argument that it was harming "family farms." B.S.
An individual earning $200K or more per year would be in the top 4% of income category. Interesting article on that, and how average people perceive and define "rich."
https://www.nytimes.com/2014/06/17/upshot/definition-of-rich-changes-with-income.html?_r=0
That idea on student loans is unworkable. You are asking lawmakers to make a value judgment on a college degree. The "value" of such a degree changes as demographics change, as well. There have been times in my own memory when there was a glut of engineers, for example, resulting in mass layoffs. Now, of course, there isn't a glut of engineers. Same thing is true of nursing degrees. So either you allow deductions for interest for all student loans, or none at all.
As for the state and local tax deductions, your argument again does not make sense. We lived in Missouri, a solidly-red and fairly low-tax-rate state, till last year. When we itemized (before the house was paid off), we were glad to be able to deduct those taxes. Even so, we paid more in income taxes than some people earn in a year.
Here is an example of how the proposed GOP tax bill would hurt a typical middle class family. My youngest daughter and her husband have one child; they both are employed FT. He has paid off his student loans; she still owes about $20K. They are able to itemize because their mortgage interest and student loan interest is greater than the standard deductions. Her loan rate and thus her payments are a variable amount based on her income; so the more she makes, the higher the payment. If these two things are eliminated they will end up paying more in taxes. They are in the most desired-by-marketers demographic.... young parents with dual income homeowners. They are fueling our economy with their discretionary spending. Take away discretionary funds, and what happens? They'll just cut back on spending out of necessity. That means fewer goods consumed, and a negative impact on those who produce those goods. How is this a good thing for either them, or for the country?
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