Price Tag for Charity Tax Break Loss: at Least $2.9-Billion

President Obama’s plan to limit the value of charitable deductions for wealthy people would cost nonprofits at least $2.9-billion and perhaps as much as $5.6-billion, according to a study to be unveiled Friday by the Urban Institute’s Center on Nonprofits and Philanthropy and paid for by a $1-million research grant from the Bill & Melinda Gates Foundation.

Economists examined how people would be affected by Obama’s plan to limit to 28 percent the amount affluent people could write off in all itemized deductions.