Back in what day?
My house is right around 3400 sq ft and it is a hundred years old. Why is it suddenly a "mansion".
And for everyone else out there ready to tell me I should live in a 600 sq ft studio--fuck you. One of the many things I like about living in America is I can live wherever the fuck I want. Just so happens, I chose to live in the best thing in the best place I can afford (all subject to my own opinions and tastes obviously).
And I agree that changing the status quo on this deduction sucks; many of us factored that into our purchasing decisions (it doesn't change my ability to live in my home--but I have other homes I also finance and use as income property). Our tax system is screwed--but don't fuck the middle class in the ass til the ass is worn out. Try taxing the uber rich, the mega hedgefunds, equity brokerages, and the corporations at the same rate those of us in the middle class get taxed. At least pretend to be fair.
Corporate versus personal tax schedules here:
http://www.smbiz.com/sbrl001.html#ci
Share of income and tax burdens by income bracket:
ppssfft. taxes are for the little people.