Charity News Stories - Charitable Giving News

Obama Budget Plan Worrisome

Will lowering tax deductions for charity discourage couples making over $250,000?

harities are afraid they'll see less donations from higher-income Americans under the changes in tax policies included in the new Obama budget plan. There's a provision that would limit the deductions that could be claimed by couples making more than $250,000 -- including deductions for charitable donations, as well as for mortgage interest and state and local taxes. Under the proposal, taxpayers earning more than $250,000 will have deductions for charitable contributions reduced to 28 percent from 35 percent now.

Obama Budget Plan Charity

The challenges facing the nonprofit sector in 2009 suggest that this might be a good time to provide additional incentives, rather than reduce the value of the tax deduction for high-income households

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