Analysts: Giving by Wealthy Would Decline Slightly Under Obama Budget Proposal
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Under Obama's proposal -- which has drawn criticism in Congress from Democrats and Republicans alike -- the tax deduction for those with incomes over $250,000, which currently is 35 cents for each dollar donated, would be capped at 28 cents on the dollar. This would return the rate to where it was during President Reagan's administration.
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Philip Rucker
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