Thursday, February 26, 2009

Hmm: Obama Plan Would Reduce Charitable Deduction for Some Wealthy Donors - "President Obama today proposed to cap the rate that high-income taxpayers can use to claim charitable deductions as part of a plan to finance changes to the country’s health-care system.

In a document outlining his 2010 budget plans, the president proposes to limit the tax rate for itemized deductions at 28 percent for families making more than $250,000.

That would reduce by as much as 20 percent the amount wealthy taxpayers could reduce their federal tax payments for charitable donations. Under the current system, taxpayers who are in the 33 percent or 35 percent tax brackets use that rate to claim deductions."

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