For people making over $250,000:
Democrats and Republicans poured cold water on President Obama’s budget plan to cut down on wealthy taxpayers’ charitable giving tax deductions, the second of his ambitious cost-savings plans to earn lawmakers’ scorn, and underscoring the legislative minefield he is entering.
[….]
Still, the charitable giving deduction reduction, which would limit deductions for couples making $250,000 or individuals making $200,000, provoked the most heat Thursday. Mr. Obama is counting on that provision to raise $179.8 billion over 10 years.
When deductions for charitable giving are cut donations fall but don’t fret Obama’s plan takes care of that:
Asked about that, Office of Management and Budget Director Peter Orszag said Mr. Obama took care of that by giving charities government money to make up part of the difference.
ASTRID RIECKEN/THE WASHINGTON TIMES Rep. Paul D. Ryan, Wisconsin Republican, describes “the good, the bad and the ugly” of President Obama’s 2010 budget plan Thursday on Capitol Hill.
“Contained in the recovery act, there’s $100 million to support nonprofits and charities as we get through this period of economic difficulty,” he said.
He disputed that giving would drop, and said an economic recovery will help charities, too.
So, the government will take over charitable donations? Of course it will be to charities that Obama deems worthy. Another example of the intrusion of the Obama big government into our business. Looks like they’ll be plenty more to come.
BTW, this won’t impact me at all so don’t even bother saying that I shouldn’t be complaining about deducting my charitable giving. I’d give the same amount whether it was deductible or not. I’m not rich so my charitable deductions aren’t impacted. I’m actually more concerned for the charities because I know they’ll lose money under this plan.