Taxing 'McMansions'

So The chairman of the House Energy and Commerce Committee, John D. Dingell (D-MI) is proposing that houses larger than 3,000 square feet would no longer be eligible for the mortgage interest tax deduction. His intention is well founded in trying to reduce carbon emissions and I guess he is trying to encourage people to either buy smaller houses or pay higher taxes for the privilege. This is misguided as it should be obvious that it is not the size that matters (where have I heard that before) but the energy efficiency of each home. My new home is substantially larger than the last one but it is far more energy efficient with my energy usage a lot less.

Think again Mr Chairman.

GrahamHolmes  Realtor e-Pro Vice President Mission Grove Realty

Serving Yucaipa, Hemet and all Surrounding Cities

 

6 Comments on Taxing 'McMansions'

Considering hte problems in the housing market this is not the time to be messing with the mortgage interest tax deduction.

08/14/2007 04:34 PM by Ki Gray - Austin Real Estate (Escapeso Austin Real Estate)

Maybe it should be based on age of home and not size of home as I agree that newer homes are much more efficient than older homes.

08/14/2007 04:34 PM by Donna Harris, ASP (Re/Max HiNet)

What about folks with large families that need the space.  They will be unfairly taxed, will they not?  Leave the mortgage interest deduction alone!

08/14/2007 04:36 PM by Kaushik Sirkar (Call Realty, Inc.)

The only way to ever seriously acheieve it would be to give each home an energy rating. This would probably entail a huge amount of time and energy which would out weigh any possible benefit. And as you say Ki this is certainly not the time.

GrahamHolmes  Realtor e-Pro Vice President Mission Grove Realty

Serving Yucaipa, Hemet and all Surrounding Cities

08/14/2007 05:04 PM by Graham Holmes - Yucaipa Hemet REO Homes (Reviron Realty - Realtor e-Pro Bank Owned Specialists)

Graham for Congress!  Logic doesn't seem to enter into it---it's about dollars and deep pockets.

08/15/2007 09:50 PM by Laguna Homes|Laguna Condos| Laguna Real Estate|Marlene Bridges (Sherman Smith & Associates)

Thanks Marlene, I will run if you provide my campaign funds :-)

08/15/2007 10:01 PM by Graham Holmes - Yucaipa Hemet REO Homes (Reviron Realty - Realtor e-Pro Bank Owned Specialists)

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Real Estate Agent: Graham Holmes - Yucaipa Hemet REO Homes (Reviron Realty - Realtor e-Pro Bank Owned Specialists)
Graham Holmes - Yucaipa Hemet REO Homes
Yucaipa, CA
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