Alliant Group

President Obama last night defended his controversial budget proposal to cut the rate for charitable tax deductions for wealthy people, arguing that the policy shift would not have an adverse effect on charitable giving.

President Obama defends his proposal to cut the tax deductions that wealthy Americans can claim for their charitable donations by arguing that the shift would not have an adverse effect on giving, but two independent analyses concluded that the proposal could result in a drop of as much as $3.87 billion for the already reeling nonprofit sector.