Feb 28, 2009

Could Obama budget affect donation deductions?

Nonprofits are worried over one aspect of President Barack Obama's preliminary budget released last week, The New York Times reports. An analysis by one nonprofit estimates that under the proposal, donors earning more than $250,000 would see their deductions lowered from 35 percent to 28 percent. About half of wealthy donors in a 2006 survey said they'd keep giving the same amount if deductions fell to zero.