Nonprofits Fight Proposal to Curb Charity Tax Breaks

Nonprofits are gearing up to fight President Obama’s plan to pay for his jobs bill in part by limiting charitable deductions. The president wants to limit the amount all wealthy people can write off for charitable gifts as well as housing, medical expenses, and other items.

Nonprofit leaders say that a curb on deductions will stifle giving and that charity write-offs make up only a small percentage of the money the federal treasury loses in deductions by the wealthy.