Foundation Group Opposes Charitable-Deduction Cap and Supports Estate Tax

The council’s board, which met last week, adopted both positions as part of a comprehensive review of tax policies affecting philanthropy, he said.

President Obama has proposed capping the tax break (at 28 percent) that families who make more than $250,000 can get for itemized deductions. The move would raise money for a fund to help pay for efforts to reshape the country’s health system. Many people in upper tax brackets can now get charitable tax breaks of 33 percent or 35 percent.