Friday, February 27, 2009

Barack the Messiah: there is only one official church and one official charity -- GOVT

Limiting Deductions on Charity Draws Ire

By STEPHANIE STROM
Published: February 26, 2009

Wealthy donors and the nonprofit groups they support were in an uproar over the Obama administration’s proposal to limit the value of deductions for charitable gifts, which was included in the budget the president presented to Congress.

Among donors, the concern was one of being forced to limit donations when charities need the support the most.

Charity trade associations echoed the unease. Nonprofit groups have been urging the administration and Congress to increase incentives for charitable giving by raising the limits on deductions and eliminating taxes on the investment income of foundations.

“In these hard economic times, we need to make sure tax and regulatory policy encourages growth in philanthropy,” said Steve Gunderson, chief executive of the Council on Foundations.

Under the administration’s proposal, taxpayers earning more than $250,000 will have their ability to deduct contributions to charities reduced to a rate of 28 percent from a rate of 35 percent, according to an analysis by the Union of Orthodox Jewish Congregations.

That organization called on Mr. Obama to “immediately remove” the proposal limiting charitable deductions while commending him for a “bold and honest budget plan.”

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