Bill Seeks To Limit Tax Deductions For McMansions

Climate change legislation that is expected to be introduced into the U.S. House of Representatives next month includes a provision that eliminates a tax deduction for any home over 3,000 square feet.

1 minute read

August 27, 2007, 6:00 AM PDT

By Nate Berg

"A cutoff of mortgage-interest tax deductions for houses with more than 3,000 square feet has been proposed."

"One of Capitol Hill's most experienced and most powerful legislators is drafting a 'carbon tax' bill that would do precisely that. The chairman of the House Energy and Commerce Committee, John D. Dingell (D-Mich.), expects to introduce comprehensive climate-change legislation when Congress returns next month."

"Besides imposing hefty new federal taxes on gasoline, the forthcoming bill would, in Dingell's words, seek to 'remove the mortgage interest deduction on McMansions -- homes over 3,000 square feet.' Dingell said he recognizes that such a proposal will spark much criticism, but he also said it is essential to reducing carbon emissions by 60 percent to 80 percent by 2050."

"'In order to address the issue of climate change, we must address the issue of consumption,' Dingell said in talking points prepared for town-hall discussions of the legislation. 'We do that by making consumption more expensive.'"

FULL STORY: Tax Deduction Under Fire for 'McMansions'

Friday, August 24, 2007 in The Washington Post

Government / Politics Housing United States

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