Obama targets homeowner tax breaks

Wealthiest families could pay more in 2011

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Industry groups representing Realtors, home builders and mortgage lenders are up in arms over the Obama administration’s proposal to roll back the itemized deduction rate for wealthy taxpayers — including deductions homeowners can claim on mortgage-interest payments and other expenses associated with homeownership.

The rollback of the tax break wouldn’t take effect until 2011, and would apply only to families earning more than $250,000 and individuals making $200,000 or more — less than 4 percent of taxpayers in 2006.