Soaking the rich may hurt the poor | detnews.com | The Detroit News: "President Barack Obama hopes to build support for his spending programs by promising to fund them with tax increases on the wealthy, since wealth is so out of fashion in post-Wall Street America. One of his proposals is to reduce the amount those earning more than $250,000 a year can deduct from their taxes for their charitable contributions. The deduction would decrease to 28 percent from 35 percent.
Nonprofits nationwide are protesting the change, fearing it will reduce incentives for giving at a time when donations are already falling because of the sagging economy."
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