Obama’s Jobs Bill Includes Plan to Limit Charitable Deductions for the Wealthy

President Obama’s proposed $447-billion jobs bill would be financed mainly by limiting the percentage of income wealthy donors could write off, including tax breaks for charitable gifts.

Obama, who released the details of the plan he outlined to Congress last week, suggested limiting write-offs for itemized deductions to 28 percent of a donor’s income. The nation’s most affluent people are currently allowed to write off 35 cents of every $1 they spend on charitable giving, housing, medical expenses, and other deductible items.