By Jeff Carlson, Washington Staff Writer
Under the banner of global warming legislation, the federal government may try to penalize you if you own a home considered too big by some lawmakers.
Owners of homes measuring more than 3,000 square feet could lose their mortgage interest tax deduction under a bill being drafted by the energy and commerce committee chairman in the House of Representatives.
Chairman John D. Dingell (D-Mich.) plans to introduce comprehensive climate change legislation in early September that also includes a hefty carbon and petroleum tax. Primarily, the legislation is directed at Americans who own "McMansions--homes over 3,000 square feet," in Dingell's words.
Speaking before the American Jewish Committee's Detroit Chapter Aug. 24, 2007, Dingell told the audience that he is committed to addressing the issue of climate change in 2007 and is "developing legislation that will better protect the health of our planet," including the reduction of carbon emissions by 60 to 80 percent by 2050.
"Properly addressing climate change requires us to address the issue of consumption--and we do that by making consumption more expensive," said Dingell.
Under the bill, the carbon tax provisions would impose a stiff tax on carbon, increase the tax on gasoline, and remove the mortgage interest deduction on all homes over 3,000 square feet. In addition, the legislation would also significantly expand the Earned Income Tax Credit, increase funding for the Low Income Home Energy Assistance Program. In addition, it would also increase funding for renewable energy research and development, conservation, healthcare and the Social Security Trust Fund.
The Michigan lawmaker's support for passing global warming legislation is surprising to some critics because for years he has been a leading opponent of raising CAFE standards for American cars, which would reduce gasoline consumption and carbon output, as well as save money and reduce taxes for consumers, across the country.
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Added to the news October 3, 2007.
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