Don’t Panic. Your McMansion (his word, in my book a McMansion is at least 4,000 sq ft) is safe and adequately tax sheltered. The mortgage deduction sky isn’t falling.
Michigan Congressman John Dingell is proposing that houses larger than 3,000 square feet would no longer be eligible for the mortgage interest tax deduction—at least the portion over 3,000 sq ft. That’s the buzz.
In reality, it’s a “carbon tax” bill that he’d like to see. He’d like to see a 50 cent additional tax on gasoline too. He believes that the controversial proposals are essential to achieving the environmental goal of reducing carbon emissions by 60-80% by the year 2050. “In order to address the issue of climate change, we must address the issue of consumption…We do that by making consumption more expensive“, Dingell said.
Although he has some clout in Congress, it would never happen. 3,000 square feet is the new 1800 sq feet, everybody wants 3000 square feet these days. I think his heart is in the right place though, it’s about reducing consumption. Reducing carbon emissions is an important and urgent matter and will continue to be for the foreseeable future.
No one can mess with the mortgage interest deduction though.
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on Tuesday, August 28th, 2007 at 12:09 pm and is filed under Real Estate News.
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Don’t Panic. Your McMansion (his word, in my book a McMansion is at least 4,000 sq ft) is safe and adequately tax sheltered. The mortgage deduction sky isn’t falling.
