White House Says Charitable Giving Won’t Be Hurt by Tax Plan - News - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas

White House Says Charitable Giving Won’t Be Hurt by Tax Plan - News - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: White House Says Charitable Giving Won’t Be Hurt by Tax Plan

By Lisa Chiu

Washington

The White House on Thursday took pains to explain its recent proposals to limit the value of tax breaks that wealthy people can take for their charitable gifts.

Nonprofit leaders are concerned about two parts of Obama’s budget plan announced Monday: one that would limit write-offs for all itemized deductions, including those for charitable donations, to 28 percent for affluent people, compared with the 35 percent rate many wealthy people now pay; and the so-called Buffett Rule, which requires anybody with income of more than $1-million to pay at least 30 percent in taxes.