Like past budget proposals, President Obama’s new budget plan calls—again—for lowering the charitable contribution deduction. The current tax code allows individuals to deduct their giving from their overall tax liability at a rate equal to their tax bracket. Obama wants to cap the charitable deduction at what it would be …
Once again, President Barack Obama has proposed lowering the income tax deduction for charitable giving. In his proposed budget for fiscal year 2013, the President calls for reducing the charitable deduction rate from 35 percent to 28 percent for those in the top tax bracket (individuals making $200,000 or more …
Hurricane Irene and Tropical Storm Lee may have ravaged northeastern Pennsylvania with floodwaters, but displaced people have found aid and comfort in the relief provided by private charities and businesses. A recent New York Times story described affected people’s disillusionment with the federal government’s ability to dispense disaster relief aid …
President Barack Obama proposes to pay for his $447 billion jobs bill mainly by limiting tax deductions for wealthy Americans. Unfortunately, if enacted, this policy will likely dampen charitable giving and further this approach. He did so in his proposed 2011 and 2012 federal budgets and in 2009 attempted it …
