Tuesday, February 2, 2010
The Obama Budget and Charitable Contributions
President Obama's latest budget (for fiscal 2011) includes the controversial proposal of lowering the amount those in the highest tax brackets can deduct for charitable contributions. As you probably remember, this idea was floated last year and was met with great resistance from many in the non-profit community. Charity Navigator President, Ken Berger, was quoted in regards to this issue on CNN last year. As the Chronicle of Philanthropy reports, this policy coupled with the increase in overall tax brackets, will cause the wealthy to have to pay more in taxes while at the same time getting less of a benefit from their charitable giving.