I myself don’t see an issue with this. Housing is a necessity, homes over 3000 sq/ft are hardly necessary. Someone that can afford a home that size can certainly afford to lose a few tax benefits. It’s about time the rich lose a few tax breaks. Historically homes are getting larger and larger on average every year, there is no need for this. There are 2-4 member families with homes over 3000 sq/ft, what is the need for all of that space? Parents and 2 kids need 4 bedrooms?
Housing is a necessity, homes over 3000 sq/ft are hardly necessary. Someone that can afford a home that size can certainly afford to lose a few tax benefits.
WHAT? Rich, I’m sure that as an investor you don’t mean that? Why should the “rich” be punished for being successful? What’s going to happen when YOU become successful and all the money grubbers want YOUR money. Rich – IT IS NOT TOO LATE TO TURN AWAY FROM THE DARK SIDE! Come back to the light - CAPITALISM!
Check out this site – this is what the socialists want to do to YOU! www.hillarynutcracker.com
Come back Rich!
Capitalism is all well and good but there are plenty of tax breaks the wealthy get that we normal folk don’t. Let them be punished a little for cutting down some extra trees.
OMG, I want that nutcracker.
Capitalism is all well and good but there are plenty of tax breaks the wealthy get that we normal folk don't.
Well then, why don’t you join the wealthy so you’ll ge the tax breaks too?
Let them be punished a little for cutting down some extra trees.
Being from the land of socialism you may not know this, but TREES ARE RENEWABLE. If you cut them down, you can plant new ones and they’ll grow right back!
Here in Ohio, we like to clear cut 'em JUST FOR FUN!
Mike is right. Nowadays you don’t necessarily have to be rich to afford a large home. Some of the non-rich just choose to put all of their money into their home instead of their yacht or their ferrari. Many people who are on their third or fourth home have worked for many years to get to that big nice home. They should not be punished for those years of hard work. There are plenty of other tax exemptions that the very wealthy take advantage of that could be abolished instead.
I think what Rich was pointing out is that MANY of these tax breaks are going to be history very shortly. It’s a pendulum effect, swings one way then the other. The Republicans (of which I count myself) have screwed things up, now the Dems will overreact trying to “fix it”.
Rich is right on the money. Get ready because these times are a changin’.
This is the EXACT reason that we need to get rid of the tax code and adopt a fair tax system. Paying taxes on new purchases and not income makes so much sense in so many ways. It will be here sooner or later. :beer
this is just plain dumb and will only invite more cheating on taxes. I’m for environmental legistation that makes sense but this is just wacky becuase the ability for one to afford that particular size house varies widely across the US.
The death kneel for this idea will be the cry that this is anti-family. Big families have big houses.
No one has the right to tell me what size house I should live in.
So much for the “American Dream” - you’re not allowed to succeed anymore. Every time a guy makes some headway some malcontent, tree hugger, figures out a way to steal it from him for the so called, “common good of all.” Heil Hitler!
My wife & I are empty nesters living in a 3000 S.F. home with an upcoming 1500 S.F. detached garage (we also have a 2-acre yard). I guess we’re real pigs. We also have an ultra high efficiency furnace and on-demand, tank-less, water heating. My house emits less green house gases than almost all homes built 15 or 20 years ago that are HALF the size. My neighbor’s horse puts out more gas in a week than my whole house does in the month of January. Do you realize how many cow farts it takes to produce one glass of milk? Just think of how much gas it takes to produce a pound of beef or the leather in your shoes. Sound like a bunch of crap? It sure does!
If the mortgage interest tax deductions are pulled on the larger homes, the value of my house will plummet along with the value of all the surrounding homes (including the homes smaller than 3000 S.F.) and I will lose my equity. This will happen on a nation wide basis (like we really need this right about now). I am counting on that equity, in part, to retire on and help put my grandkids through college. I sure hope the newbies reading this thread realize just how negative the impact is on them getting rich through real estate investing with these types of laws/proposals coming into play.
I worked very hard to get what I have! Shame on me??? That’s what the proposed law and the people supporting it are saying. I say “Shame on you” for supporting Big Brother and failed systems like Socialism and excess taxation.
This whole country is upside down. I have a house over 3000sqft with only my wife, son and me (we do have 3 dogs and a rabbit). I deserve it because I provide decent housing for poor people. All my activities help society. On the other hand poor people are a drag on society. They steal the copper from my work sites, they get sick and go to the hospital without insurance, they go to our free government schools and eat free lunch while they are there. I think that all people with houses over 3000sqft need an additional tax break and we need to tax poor people to pay for the burden on society that they produce.
This is a capitalist country. That means that you either own capital or you are capital. We should be encouraging people to become wealthy. Our tax code is like coaching a football team and telling them that if they score you will make them run laps.
On a more serious note, I’m not the least bit concerned that the Socialist Wackos will be able to pass this ridiculous tax on McMansions. The National Association of Realtors have enough political clout to take care of these clowns.
I also don’t want the tax code changed significantly, except I would like to tax the lazy and cutoff aid to those that aren’t willing to work. The tax code is primarily set up to tax the INCOME of the middle class and give tax breaks to entrepreneurs. The tax code does not tax wealth and gives great tax breaks to the wealthy (as it should) who create jobs for the middle class and housing for the poor. Therefore, I think our goal as real estate investors should be to be in the tax advantaged wealthy group instead of the middle class that is taxed to death.
Could you elaborate. What tax breaks are reserved for the wealthy? As far as I can tell, the tax code is the same for everybody.
Rich-in-Ct, I see class envy in your post. And it surprises me since most entrepreneurs are against high taxes, even if they don’t make a lot of money now, because they intend to make a lot in the future.
Do you realize that the top 5% of wage earners pay over 57% of income taxes? Get out there and earn $250,000 or $300,000 a year and then come back to us and tell us about the loopholes and deductions that you used.