Mortgage interest write-off in some danger

While the mortgage and real estate industries are trying to find steady footing in this wobbly market, Capitol Hill in Washington is getting ready to unveil this fall wide-ranging legislation that would address climate change, more specifically the reduction of carbon emissions. The aim is a cutback of 60 to 80% by the year 2050, an ambitious endeavor. It is to be achieved by raising taxes on gasoline and eliminating the mortgage interest deduction on homes over 3,000 sq. ft. The so-called McMansions.

Everybody is aware of cars and the pollution they produce, but houses are also large greenhouse-gas emitters. It happens through cooling, heating, building materials and power usage, areas that quite a few of us don't consider all that harmful.

Soon after the legislative draft was circulated, the real estate and building sectors found all sorts of problems with it. Please, click on the link earlier in this paragraph to read the entire article.