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Why Obama's Jobs Bill Could Be Bad For Charity

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OBAMA
AP

The aim of philanthropy — as stated by John D. Rockefeller — is for the wealthy to step in and provide services that government won’t. The two were supposed to act in concert, not in competition.

The Obama jobs bill, however, creates a new battle between the charity world and government.

The main source of funding for his $447 billion jobs bill is a limit on the deductions for those individuals making $200,000 a year or more (apparently, $200,000 is the new $250,000 when it comes to defining “wealthy.”).

Specifically, the proposal would limit the value of itemized deductions to 28 cents for each dollar of income deducted.

Read the whole story at blogs.wsj.com

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