Budget Plan Revives President’s Call for New Charitable-Deduction Limit

(2-2-10) President Obama renewed his proposal to limit the value of charitable deductions for wealthy taxpapers in the fiscal 2011 budget plan he presented today—refashioning it as a way to help provide tax relief to middle-income Americans. The proposal would limit to 28 percent the tax break couples earning $250,000 (or individuals earning $200,000) could get for their itemized deductions, including gifts to charity.