29 August 2007

Tax 'em where they live

The proposal by US Congressman John Dingell (D - MI) to eliminate the mortgage tax deduction on McMansion class homes over 3,000 square feet is a good idea but doesn't go far enough in my opinion. After all why should the US Federal government be fucking about with the markets by subsidising the extravagant homes of the upper middle class and the wealthy? There are those* who think it is a terrible idea.

*The NCPA's website claims that they wish to "develop and promote private alternatives to government regulation and control, solving problems by relying on the strength of the competitive, entrepreneurial private sector" so you would think that we be in favour of eliminating this subsidy but you would be oh so wrong.

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