President Obama defends his proposal to cut the tax deductions that wealthy Americans can claim for their charitable donations by arguing that the shift would not have an adverse effect on giving, but two independent analyses concluded that the proposal could result in a drop of as much as $3.87 billion for the already reeling nonprofit sector.
Charles E. Schumer
Like many for-profit companies, charities are seeking help from the government, and they are upset that policy makers do not understand how much the recession has hurt them.
One would be hard pressed to argue that a call from Robert Redford to the speaker of the House, Nancy Pelosi, helped salvage money for the arts in the economic-stimulus bill last week.
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