Friday, March 6, 2009
The Obama Budget and Charitable Tax Deductions - Update
After a large backlash from the non-profit community (reported by Charity Navigator here and here), President Obama's administration has now stated that they will rethink their plan for reducing the tax deduction for charitable giving. During congressional hearings this week featuring Treasury Secretary Timothy Geithner, it was hinted that the administration may modify or drop the plan to reduce the deductions. This also comes on the heels of an Indiana University's Center on Philanthropy study that showed if this policy was enacted in 2006, giving would have been reduced by $4 billion.