Mortgage Deduction - Tighter Limits for Wealthy Family

[Jennifer Griner]

Tighter Limits for Wealthy Families in Obama's 2011 Budget Proposal

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.

Currently, individuals with incomes above $200,000 and families... Read more.


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