Rich Donors May Be Undeterred by Tax Caps on Charitable Gifts

Reagan Era
“One can look back to the period of the late ‘80s and find that whether it was home purchases, charitable contributions or the like they did not collapse when the incentive at the top of the income scale was 28 percent,” he said.

Obama, 47, proposed limiting the value of itemized tax deductions to 28 percent for the approximately 2.6 million U.S. households that fall into the top two income tax brackets, which would be 36 percent and 39.6 percent beginning in 2011 under his budget.