Mortgage deduction in crosshairs again

Tighter limits for wealthiest families in Obama's 2011 budget proposal

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The Obama administration proposes to raise $291 billion over the next decade by reducing the amount by which wealthy families can cut their tax bills by claiming itemized deductions for mortgage interest payments and other write-offs.

The Obama administration tried, and failed, to implement a similar change in last year’s budget, after running into opposition from a range of interests ranging from mortgage lenders to charities that benefit from the taxpayers’ ability to claim such itemized deductions.