IMPACT
09/14/2011 02:59 pm ET | Updated Nov 14, 2011

Why Obama's Jobs Bill Could Be Bad For Charity

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 more on blogs.wsj.com