White House budget cut to charitable deduction alarms philanthropists and non-profits
The Obama administration’s fiscal 2011 budget proposes cutting the tax deduction for charitable donations, alarming both philanthropists and non-profits across the country.
Copies of President Barack Obama's budget are delivered to the Senate Budget Committee on Capitol Hill in Washington, Monday, Feb. 1, 2010. (AP Photo/Manuel Balce Ceneta)
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.
