Senate Rejects Obama Plan to Cut Tax Breaks on Charitable Gifts

[Chris_]

Senate Rejects Obama Plan to Cut Tax Breaks on Charitable Gifts

April 2 (Bloomberg) -- The U.S. Senate rejected a proposal by President Barack Obama to finance an overhaul of the nation’s health-care system by limiting the ability of the well-to-do to take tax deductions for charitable contributions.

The chamber unanimously approved an amendment to a pending budget plan that rejects the proposal to limit the size of itemized deductions that can be taken by those earning more than $250,000.

Obama proposed using the estimated $318 billion such a change would generate to help finance a health-care overhaul, which he says will cost at least $630 billion. Lawmakers said they feared the effect of such a tax change on charities.

“The Senate sent a clear message to the president,” said Senator Bob Bennett, a Utah Republican who sponsored the amendment. “Charities benefit greatly from the donations made by individuals in this income bracket, and raising taxes on these contributions would be a disservice to Americans and the millions of charities across the country.”

LINK

Way to go, Big 0hhh.  Add another penalty to wealthy folks for giving money to charity.  Good thing this one didn't go through.

[JohnnyReb]

Everyone must look to the government for help....or Obama Wan.