Limits on Charity Tax Breaks for Jobs Bill No Longer Likely
President Obama’s plan to pay for a jobs bill by limiting the tax break wealthy people get for their itemized deductions, including charitable gifts, appears dead — at least for now.
Senate Democrats have rejected that proposal, releasing legislation Thursday that outlines an alternate way to cover the bill’s $447-billion price tag — a 5.6-percent surtax on income that exceeds $1-million. Mr. Obama says he endorses the new approach.
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