http://www.huffingtonpost.com/2011/10/19/charitable-tax-deductions_n_1020084.htmlCharitable Tax Deductions: Nonprofit Leaders Speak Out At Senate Hearing
United Way Worldwide
Updated: 10/19/11 04:49 PM ET
Nonprofit leaders at a Senate Finance Committee hearing Tuesday spoke out against the proposal to limit tax deductions for charitable contributions.
President Obama has long proposed a new cap on the amount people can deduct from their taxes for large charitable donations as a way to reduce the deficit.
The proposal would limit deductions to 28 percent for individuals earning more than $200,000 and married couples earning more than $250,000, according to Bloomberg. The current limit is 35 percent.
Many charities are concerned that capping the value of deductions would be a deterrent to donors making large contributions at a time when disadvantaged groups are in great need.
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