Thursday, March 5, 2009

Some Fear Obama Tax Hikes Will Hurt Charities

A study released this week by Bank of America and conducted by the Center on Philanthropy shows 47 percent of affluent households say they would give less if their tax deductions for charitable giving were eliminated...
From FoxNews:

President Obama's plan to expand health care coverage by raising taxes on the wealthy is drawing accusations that he wants to do it at the expense of charitable giving.
"I don't understand why the administration would try to create any disincentive that reduced any donations to charity," Sen. Pat Roberts, R-Kan., said.
Yet critics say that is exactly what the president's proposed budget will do by limiting the charitable giving tax break for families earning more than $250,000 per year....(More)

And it appears even some Democrats are having trouble with the idea. From MyWay News:

Key Democrats oppose Obama's tax deduction plan

WASHINGTON (AP) - President Barack Obama's proposal to limit itemized tax deductions for high earners is running into opposition from key Democrats in Congress who worry that charities and the housing market would be hurt. Senate Finance Committee Chairman Max Baucus questioned Wednesday whether the proposal was viable, a day after his House counterpart also expressed reservations...(more)

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