Obama 2015 Budget Would Cap Charitable Deduction at 28 Percent for Wealthy

Nonprofits criticized a plan offered by President Barack Obama on Tuesday that would limit the value of all tax deductions, including the charitable deduction, for wealthy taxpayers. In his budget proposal for fiscal 2015, which starts Oct. 1, Obama called for all deductions to be capped at 28 percent, saying the limit would only affect people whose incomes are in the top 3 percent. The change would affect individuals who earn more than $200,000 and couples who earn more than $250,000.