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"We spend a lot of money on housing but we don't spend it where it's needed the most, which is on low-income people," Rep. Ellison says.

Minnesota Lawmaker Wants Revamp of Mortgage Interest Deduction

Rep. Keith Ellison's bill would cap the deduction at the first $500,000 of a home loan and use the anticipated savings to invest in low- and moderate-income housing — not reduce the federal deficit.

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