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.
Peter Orszag
The first federal casualty of the stimulus bill was identified by the Office of Management and Budget this week when OMB director Peter Orszag told agency heads to plan for a possible meltdown of the government's main grantmaking portal.
President Obama's call to community service is getting a big boost from the recession. Applications are soaring at government-funded service programs, the stimulus package includes $200 million to boost those efforts and Congress is looking for more ways to expand opportunities to help others.
Chicago philanthropist Richard Kiphart contributed generously to Barack Obama’s campaign and is glad he backed a winner.
House Republican Leader John Boehner calls President Barack Obama’s proposal to limit high earners’ charitable tax deductions a “sharp blow to charities at a time when they are hurting during the economic downturn.”
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