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.
Read MorePerson: Peter Orszag
Stimulus Applications Could Overwhelm Grants.gov
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.
Read MoreEconomy Inspires More to Do Community Service in U.S.
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.
Read MoreRecession, Tax Plans Worry Donors and Nonprofits
Chicago philanthropist Richard Kiphart contributed generously to Barack Obama’s campaign and is glad he backed a winner.
Read MoreRich Donors May Be Undeterred by Tax Caps on Charitable Gifts
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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