Savage Beatings Posted August 27, 2007 Share Posted August 27, 2007 Congressman Dingell is a genius. He will fix global warming by simply screwing over the middle class. He has said that when Congress reconvenes next month, he will propose legislation to eliminate the mortgage interest tax credit, for what he defines as a McMansion (any home over 3,000 square feet). This would affect probably close to 10 Million people. But hey, in his eyes, they can afford it so let's turn the screws. Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted August 27, 2007 Share Posted August 27, 2007 typikal Quote Link to comment Share on other sites More sharing options...
whosyourdaddy Posted August 27, 2007 Share Posted August 27, 2007 Congressman Dingell is a genius. He will fix global warming by simply screwing over the middle class. He has said that when Congress reconvenes next month, he will propose legislation to eliminate the mortgage interest tax credit, for what he defines as a McMansion (any home over 3,000 square feet). This would affect probably close to 10 Million people. But hey, in his eyes, they can afford it so let's turn the screws. Always ask liberals to define wealthy in terms of family income. They never want to answer that. Same thing in 2000 and 2004 campaign. No candidate chose to answer that question. Quote Link to comment Share on other sites More sharing options...
cre8tiff Posted August 27, 2007 Share Posted August 27, 2007 Congressman Dingell is a genius. He will fix global warming by simply screwing over the middle class. He has said that when Congress reconvenes next month, he will propose legislation to eliminate the mortgage interest tax credit, for what he defines as a McMansion (any home over 3,000 square feet). This would affect probably close to 10 Million people. But hey, in his eyes, they can afford it so let's turn the screws. f'n Liberals. Honestly, this is un-passable. He must have something else in that bill he wants, and is putting that part in there to force someone's hand or as a scare tactic. Notice that he is "working" on it, just like it will be "in committee" for years. Quote Link to comment Share on other sites More sharing options...
yo mama Posted August 27, 2007 Share Posted August 27, 2007 Congressman Dingell is a genius. He will fix global warming by simply screwing over the middle class. He has said that when Congress reconvenes next month, he will propose legislation to eliminate the mortgage interest tax credit, for what he defines as a McMansion (any home over 3,000 square feet). Well, in all fairness, its a deduction: not a credit. And strong earners don't even get a dollar for dollar deduction for their interest, as those deductions become phased out once you start making "too much" money. Plus, there are already caps on the size of mortgages upon which interest can be deducted in the first place. I guess my point is that limiting the deductibility of mortgage interest isn't a new idea. Quote Link to comment Share on other sites More sharing options...
Savage Beatings Posted August 27, 2007 Author Share Posted August 27, 2007 Well, in all fairness, its a deduction: not a credit. And strong earners don't even get a dollar for dollar deduction for their interest, as those deductions become phased out once you start making "too much" money. Plus, there are already caps on the size of mortgages upon which interest can be deducted in the first place. I guess my point is that limiting the deductibility of mortgage interest isn't a new idea. Hippie. Quote Link to comment Share on other sites More sharing options...
yo mama Posted August 27, 2007 Share Posted August 27, 2007 Hippie. Son-of-a-couple, in any event. Quote Link to comment Share on other sites More sharing options...
Savage Beatings Posted August 27, 2007 Author Share Posted August 27, 2007 Son-of-a-couple, in any event. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted August 27, 2007 Share Posted August 27, 2007 House size: 2000 sq ft. I'm OK then, F the rest of you. Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted August 28, 2007 Share Posted August 28, 2007 Let me get out the measuring tape. Ok. I'm in favor of this. Quote Link to comment Share on other sites More sharing options...
i_am_the_swammi Posted August 28, 2007 Share Posted August 28, 2007 time to UN-finish my basement...2450 before finishing basement, 3225 livable space with finished basement Quote Link to comment Share on other sites More sharing options...
bushwacked Posted August 28, 2007 Share Posted August 28, 2007 It's amazed this stuff is happening now 6 years after we simultaneously started a war while giving out tax cuts! Quote Link to comment Share on other sites More sharing options...
Chavez Posted August 28, 2007 Share Posted August 28, 2007 I recall some people's objections to an accelerated mortgage payoff program being "I need the tax break", which always made me . Quote Link to comment Share on other sites More sharing options...
Rovers Posted August 28, 2007 Share Posted August 28, 2007 Can't happen.... the forclosure rate is already so high it's threatening a major recession coming from the housing market. The entire economy would collapse.... but then again, the idiots in Washington just might do it, on second thought.... Quote Link to comment Share on other sites More sharing options...
Chavez Posted August 28, 2007 Share Posted August 28, 2007 Can't happen.... the forclosure rate is already so high it's threatening a major recession coming from the housing market. The entire economy would collapse.... but then again, the idiots in Washington just might do it, on second thought.... If the economy is collapsing because people aren't getting a few grand shaved off their gross income, it was going to collapse anyway. Quote Link to comment Share on other sites More sharing options...
CaP'N GRuNGe Posted August 28, 2007 Share Posted August 28, 2007 Why should I as a renter subsidize you as an owner by paying for a quarter of your mortage interest when I don't get any benefit and am stuck with the lower standard deduction? (Of course I'll switch sides when I finally do buy a home.) Quote Link to comment Share on other sites More sharing options...
yo mama Posted August 28, 2007 Share Posted August 28, 2007 If the economy is collapsing because people aren't getting a few grand shaved off their gross income, it was going to collapse anyway. Easy for you to say. You get an extra dependent deduction this year. Quote Link to comment Share on other sites More sharing options...
Donutrun Jellies Posted August 28, 2007 Share Posted August 28, 2007 House size: 2000 sq ft. I'm OK then, F the rest of you. Yep. Pay up you large-housed bastages!! Quote Link to comment Share on other sites More sharing options...
The Holy Roller Posted August 28, 2007 Share Posted August 28, 2007 Or consider the other option. Pay off the mortgage. Plus I heard if you don't pay taxes for seven years they just drop you from the mailing list. Quote Link to comment Share on other sites More sharing options...
PSULions Posted August 28, 2007 Share Posted August 28, 2007 There is NO WAY this bill will even get on the vote for discussion. Someone is just trying to make a name for himself and the real estate community would fight this legistration tooth and nail. How in the heck to you even determine how large the house would need to be to NOT be included in the mortgage deduction... I am sure everyone would be honest and forthright and tell Uncle Sam, well, my house is 3,120 S.F. so I will not deduct my mortgage interest on Sch. A.... Like that will ever happen. Quote Link to comment Share on other sites More sharing options...
moneymakers Posted August 28, 2007 Share Posted August 28, 2007 Why should I as a renter subsidize you as an owner by paying for a quarter of your mortage interest when I don't get any benefit and am stuck with the lower standard deduction? (Of course I'll switch sides when I finally do buy a home.) And as a renter how many of your kids flood the schools without paying a dime in Property taxes. Free lunches/breakfast and so forth. Many renters dont even have to buy school supplies. Dont even give me the sob story that is included in your rent. Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted August 28, 2007 Share Posted August 28, 2007 And as a renter how many of your kids flood the schools without paying a dime in Property taxes.Free lunches/breakfast and so forth. Many renters dont even have to buy school supplies. Dont even give me the sob story that is included in your rent. Truth be told here. There is zero chance this will get passed with our economy showing signs of a recession. Quote Link to comment Share on other sites More sharing options...
Czarina Posted August 28, 2007 Share Posted August 28, 2007 Unless you have 12 children, who needs more than 3k sq. ft. of living space anyhow? Quote Link to comment Share on other sites More sharing options...
reddogs2020 Posted August 28, 2007 Share Posted August 28, 2007 If enacted, this would not make me happy. Quote Link to comment Share on other sites More sharing options...
Perchoutofwater Posted August 28, 2007 Share Posted August 28, 2007 Unless you have 12 children, who needs more than 3k sq. ft. of living space anyhow? Who's to judge what is the appropriate amount of living space for a family? This is just more of the typical class warfare the left continues to try ignite. More than likely those of us who have a house larger than 3k sq ft are already paying a greater percentage in taxes on our income anyway. So now the libs are wanting to pile on more? Quote Link to comment Share on other sites More sharing options...
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