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Sarah

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Bill eliminating mortgage deduction on homes over 3000 sq ft?
« on: August 20, 2007, 09:51:19 PM »

Has anyone heard about the Michigan government trying to pass a bill that would eliminate your mortgage tax deduction if your house if over 3,000 square feet? 
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BigRedDog

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Re: Bill eliminating mortgage deduction on homes over 3000 sq ft?
« Reply #1 on: August 20, 2007, 10:02:11 PM »

Sarah, it is the Federal Mortgage deduction that is in question...   It is US Congressman John Dingell who has proposed it....   along with some other very tough legislation....   seems aimed at greenhouse gases.

Link to Free Press article:  http://www.freep.com/apps/pbcs.dll/article?AID=/20070808/NEWS05/708080423/1001/NEWS
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John Kopke

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Re: Bill eliminating mortgage deduction on homes over 3000 sq ft?
« Reply #2 on: August 30, 2007, 03:26:58 PM »

My quess is the Congressman seeks to target large energy using houses that I assume he believes are owned by the wealthy.

Yet when I drive down 3rd street for example there are a bunch of old monster houses that I rather doubt are owned by weathy people. Matter of fact I have a friend whom owns an old monster like the ones on third street and he is not wealthy.

If he were to lose his mortgage deduction it would cost him thousands in higher taxes that would have a very negative effect on his finances.

Further, his house is only worth about $ 140K because obviously very few people want or need a house that big, being old it requires much maintenance and it costs a bundle to heat.

Further, what do you think would happen to the re-sale value of this house if it didn't come
with a mortgage tax deduction?  Can you imagine having a 30 year mortgage for $140K, and
with the stroke of a legislative pen, overnight the re-sale value becomes say $70K and then
have to pay thousands more in taxes at the same time? 

You know when I see Dem loons come up with oppressive ideas like these I understand why
they don't want citizens to have guns.
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John Kopke

tamilynn1971

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Re: Bill eliminating mortgage deduction on homes over 3000 sq ft?
« Reply #3 on: September 01, 2007, 09:19:48 AM »

IT DON'T MATTER WHO WINS THE ELECTION, THEY ARE ALL CROOKS. AND YOU CANT PLEASE EVERYONE SO THERE IS ALWAYS GOING TO BE A DEBATE WHEN IT COMES TO POLITICS. I PERSONALLY SAY, LET'S SEE WHAT A WOMAN CAN DO AND VOTE FOR HILARY, MANY PEOPLE I HAVE TALKED TO SAY, ENOUGH CLINTON'S, ENOUGH BUSH'S BUT HILARY SEEMS TO DO A BETTER JOB THAN HER HUSBAND SO GIVE HER A CHANCE AND LET'S SEE WHAT SHE CAN DO, HECK.... WHAT DO WE HAVE TO LOSE??? WITH THE WAY THIS COUNTRY IS GOING, NOT A WHOLE HECK OF ALOT.  :-\
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no one gets my name right anyway

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Re: Bill eliminating mortgage deduction on homes over 3000 sq ft?
« Reply #4 on: September 01, 2007, 09:46:28 AM »

You know when I see Dem loons come up with oppressive ideas like these I understand why
they don't want citizens to have guns.

It's a  shame you included this line because all credibilty from earlier in your post was lost. You always need to blame someone, don't you? Why are you never upset that your republicans aren't doing enough (your opinion, I'm guessing, not mine) to fight these things?
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Will Sweat

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Re: Bill eliminating mortgage deduction on homes over 3000 sq ft?
« Reply #5 on: September 01, 2007, 10:24:02 AM »

Quote
If he were to lose his mortgage deduction it would cost him thousands in higher taxes that would have a very negative effect on his finances.


Imagine the effect it will have on the economy.  Where does Michigan rank in terms of average size of homes? 

This whole "McMansion" thing is not new - here are a couple of reports that use the same term  to describe such homes. 

http://www.commercialappeal.com/news/2007/may/23/families-keep-getting-smaller-but-homes-keep/

http://recenter.tamu.edu/TGrande/vol12-1/1713.html

There has already been on State Senator (Texas; Edmund Kuempel, R-Seguin) file against zoning ordinances that would prevent such "McMansions". 

http://www.statesman.com/news/content/region/legislature/stories//03/01//1mcmansion.html
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"While we try to teach our childern about life, our childern teach us what life is about"  - Angela Schmidt

John Kopke

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Re: Bill eliminating mortgage deduction on homes over 3000 sq ft?
« Reply #6 on: September 02, 2007, 09:58:29 PM »

No One

I know it's hard for you, but try to focus on the issue. If a Republicans came up with this idea I'd hammer them too.  A bad idea is a bad idea.  If you were to have a problem with a Republican
proposed legislative initiative fine, make your case. I'll either agree with you, or make my case a
 in opposition. You did neither.

But what really gets me is, just because I pointed out that it was a Dem whom proposed this nonsense, to you, the substance of my message has no credibility.  Give me a break. Being
a Dem partisan, you don't like it when I link "loon" with Dem initiatives like this one, so prove
me wrong.  Make you case in support of Congressman Dingells proposal. 
 
« Last Edit: September 02, 2007, 10:00:06 PM by John Kopke »
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John Kopke

no one gets my name right anyway

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Re: Bill eliminating mortgage deduction on homes over 3000 sq ft?
« Reply #7 on: September 03, 2007, 07:48:11 PM »

No One

I know it's hard for you, but try to focus on the issue....

When you can post without degrading, I might. Let me know when you're capable of posting without insulting someone's intelligence, be it the poster or a political party.

Best,

NOGMNRA
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John Kopke

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Re: Bill eliminating mortgage deduction on homes over 3000 sq ft?
« Reply #8 on: September 05, 2007, 02:34:08 PM »

No One:

Upon reflection, in this instance, I was wrong.  I should have identified the legislation as loony,
rather than the  congressman.   
« Last Edit: September 06, 2007, 09:58:18 AM by John Kopke »
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John Kopke
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