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Study Reveals Non-Profits Could Lose Billions Under Obama’s Proposed Plan

By Gerry W. Beyer

Taxes 1 According to a recent study presented last Friday by the Urban Institute’s Center for Nonprofits and Philanthropy, nonprofits would lose perhaps as much as $5.6 billion as a result of President Obama’s plan to limit charitable deductions for wealthy Americans.

Currently, wealthy Americans can write off 35% of their charitable deductions. President Obama’s plan would reduce that percentage to 28%.

See Lisa Chiu, Price Tag for Charity Tax Break Loss: at Least $2.9-Billion, The Chronicle of Philanthropy, Oct. 6, 2011.

Special thanks to Jim Hillhouse (WealthCounsel) for brining this article to my attention.