I read an article on RealtyTimes.com yesterday that Rep. John D. Dingell (D-Mich), a 15-term veteran at the helm of the House Energy and Commerce Committee is drafting "carbon tax" legislation that would deny owners their mortgage writeoffs.
The idea behind this is that big houses consume outsized amounts of energy for electricity, heating, air conditioning and construction materials. They also state that subdivisions of new houses contribute to greenhouse emissions by stimulating far-flung subdivisions, urban sprawl, long commute times and traffic congestion.
Part of Dingell's proposal is to remove the mortgage interest deduction on 'McMansions,'...homes over 3,000 square feet.
Bill Killmer, an advocacy official for the National Association of Home Builders, says penalizing square footage, rather than actual energy usage, is "wrongheaded".
Top staff members of the National Association of Realtors challenged the idea that all houses above 3,000 square feet constitute "McMansions," and warned that withdrawing tax benefits would lead to property value declines across the market spectrum. (As if we don't have enough areas of the country with declining property values already).
What do you think about this plan?
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