John Dingell, chair of the House Energy and Commerce Committee, said he will call for an economy-wide tax of about $100 per ton of carbon dioxide emissions, a cap-and-trade system, and extra funding for research on renewable energy.
But his most controversial call was for slashing the mortgage-interest deduction for “McMansions,” defined as homes larger than 3,000 square feet and that use more energy than smaller houses.
“These are all new ideas,” Dingell said. “I know I'm going to catch hell for them,” but “if we are serious about global warming, we need to reduce consumption by making it more expensive.”
Not surprisingly, home-contracting firms criticized Dingell's proposal as misguided and economically detrimental.