Apparently Rep. Charles Dingell of Michigan has announced plans introduce legislation that would eliminate the mortgage tax deduction for owners of “McMansions”, homes over 3000 square feet. (See article here.)
If you count the unfinished basement, MY house has over 3000 square feet. And a “McMansion” it ain’t. It isn’t any sort of mansion. It’s a modest-sized two bedroom home.
I can’t imagine legislation like this could possibly fly. But it would be disasterous if it did. I can’t even fathom what it would do the the already-slow housing industry.
No more mortgage tax deduction?
This entry was posted on Wednesday, August 29th, 2007 at 1:58 pm.
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