Proposed Federal Fiscal Year 2011 Budget Would Limit Charitable Deductions for Upper-Income Taxpayers
February 25th, 2010
In a recent article, The Chronicle of Philanthropy reports that President Obama's FY 2011 budget revives a proposal from last year that would limit tax deductions, including those for charitable contributions, for higher-income taxpayers. This proposal was part of the original Fiscal year 2010 budget put forth last year by President Obama, but it was never enacted.
According to the article's author, Susan Perry, "the proposal is sure to spark a furious debate within the nonprofit world, which was divided over last year's proposal. Many nonprofit leaders and fund-raising consultants condemned the proposed limit, which would also apply to deductions for mortgage interest and state and local taxes, saying it would dampen giving at a time when charities are reeling from the economic downturn." For the complete Chronicle of Philanthropy article, go to http://philanthropy.com/article/President-Renews-Call-for/63831/?sid=&utm_source=&utm_medium=en.
Posted by CNP Staff
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