Limits on Charity Tax Breaks for Jobs Bill No Longer Likely
The Chronicle of Philanthropy

President Obama's plan to pay for a jobs bill by limiting the tax break wealthy people get for their itemized deductions, including charitable gifts, appears dead, at least for now. Senate Democrats have rejected that proposal, releasing legislation that outlines an alternate way to cover the bill's $447 billion price tag: a 5.6% surtax on income that exceeds $1-million. President Obama says he endorses the new approach. (10/10/11)
 

 

Limits on Charity Tax Breaks for Jobs Bill No Longer Likely
The Chronicle of Philanthropy

President Obama's plan to pay for a jobs bill by limiting the tax break wealthy people get for their itemized deductions, including charitable gifts, appears dead, at least for now. Senate Democrats have rejected that proposal, releasing legislation that outlines an alternate way to cover the bill's $447 billion price tag: a 5.6% surtax on income that exceeds $1-million. President Obama says he endorses the new approach. (10/10/11)