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Obama's Budget Offers Smart Shift, Angela M. Eikenberry
Obama's Budget Offers Smart Shift, Angela M. Eikenberry
Public Administration Faculty Publications
Beginning in 2011, President Barack Obama's proposed budget plan would reduce the value of charitable tax deductions for wealthy Americans (families with more than $250,000 in income, 1.2 percent of households) to 28 cents on the dollar.
At the same time, the president's budget also would increase taxes for this group (from 33 percent and 35 percent to 36 percent and 39.6 percent of their income) to help pay for reshaping the nation's health care system. The tax deduction changes would not affect foundations or Americans making less than $250,000 a year.
Some in the philanthropic community argue that this …