President Obama submitted his Fiscal Year 2012 budget to Congress, and it once again includes a limit on the value of itemized deductions, including the charitable deduction, for certain taxpayers. The proposal is virtually identical to language included in last year's budget plan and calls for a 28 percent cap on itemized deductions for individuals earning more than $200,000 a year and couples earning more than $250,000 a year.
The proposed limitation would be effective for taxable years beginning after December 31, 2011.
Here is a link to a good analysis of how this proposal could impact charitable giving in the US.
http://philanthropy.com/article/Obamas-Plan-to-Reduce/63024/
Thursday, February 17, 2011
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