President Obama Sticking With Charitable Deduction Cap

The Chronicle of Philanthropy is reporting that President Obama plans on staying with his reduction in charitable donation tax deductions. It is a short post, so I will past the full content from the article. Some beleive this will not have an impact on charitable donations, but I firmly beleive it will have a negative effect on many small donations to many local and regional museums and historical societies.

President Obama is sticking to his proposal to cap the federal tax breaks wealthy people can get for itemized deductions, including charitable donations, in his final budget plans released today.

As The Chronicle of Philanthropy reported on Saturday, Peter Orszag, the White House budget director, restated the administration’s defense of the controversial plan, which seeks to raise money for a reserve fund that will help pay to overhaul the health-care system.

Mr. Obama last week issued his detailed budget proposals for spending by program in the 2010 fiscal year. Documents released today include historical data about the country’s fiscal policies and project the impact of proposed spending and tax policies through 2019.

See this article from the Chronicle’s archive to get background and analysis about the proposal.