Cap on Charitable Giving Deductions Could Hurt Nonprofits

The World

The Obama administration’s budget plan asks Congress to raise taxes on the wealthy to help stem the flood of red ink. One of the strategies to increase tax revenue is a cap on the rate that high-income taxpayers can use to claim charitable deductions. This is part of a plan to finance changes to the country’s health-care system. That news is sending shudders through the nonprofit and philanthropic world. Joining us this morning is Peter Panepento, a web editor with the Chronicle of Philanthropy, and Matthew Bishop from The Economist and author of Philanthrocapitalism: How the Rich Can Save the World joins us from Barcelona.

Invest in independent global news

The World is an independent newsroom. We’re not funded by billionaires; instead, we rely on readers and listeners like you. As a listener, you’re a crucial part of our team and our global community. Your support is vital to running our nonprofit newsroom, and we can’t do this work without you. Will you support The World with a gift today? Donations made between now and Dec. 31 will be matched 1:1. Thanks for investing in our work!