By
Holly Hall
and Suzanne Perry
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Mr. Obama proposed last week to limit the charitable deduction to help pay for reshaping the nation’s health-care system.
His proposal would affect families that have more than $250,000 in income, beginning in 2011. Instead of saving 33 or 35 cents for each dollar donated, as they do now, those taxpayers would save 28 cents under the Obama plan. Mr. Obama’s overall budget proposal would also increase the taxes owed by the wealthiest taxpayers from 33 or 35 percent up to 36 and 39.6 percent of their income in 2011.
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Holly Hall
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