Posted by
Defend America on Tuesday, February 02, 2010 5:51:00 PM
White House budget cut to charitable deduction alarms philanthropists and non-profits
By Gautham Nagesh - The Daily Caller 02/01/10 at 1:35 pm
The Obama administration’s fiscal 2011 budget proposes cutting the
tax deduction for charitable donations, alarming both philanthropists
and non-profits across the country.
The White House is expecting to collect an additional $291 billion
over the next decade by reducing the write-off for families earning
over $250,000 despite the fact Congress roundly rejected such a measure
last year. While the administration is portraying this as a populist
move, experts have said the end result will be a significant blow to charities and non-profits already reeling in the midst of the recession.
“It’s frankly surprising to see this proposal come back this year,
it was very controversial last year,” said Tom Riley, vice president
for communications at the Philanthropy Roundtable. “This of all times
isn’t the time to take actions that would discourage charitable giving.
The need for non-profits hasn’t been higher for a generation.”
http://dailycaller.com/2010/02/01/white-house-budget-cut-to-charitable-deduction-alarms-philanthropists-and-non-profits/