Obama Plan Would Reduce Charitable Deduction for Some Wealthy Donors

“Any disincentive to charitable giving, especially in the current economic climate, will have an impact far beyond the black letter law,” Mr. Steinbach said. “It will have an exponentially negative impact.”

But while many charitable-giving experts expressed alarm about how reduced rate for charitable deductions would affect giving by wealthy Americans, others said that Mr. Obama’s proposal may be less cause for concern than it initially appeared.