President Obama wants to lower the tax deduction for charitable giving by wealthy people. This article is a good read and gives a good and balanced accounting of the tax and how much of an effect it will have on charitable giving.
I think though that this statement by the author speaks volumes.
Ironically, Obama's proposal to change tax policy is intended to help raise hundreds of billions of dollars for expanding health care -- but Hillman said in the near-term, the tweak to charitable donations policy could put more strain on hospitals that rely heavily on philanthropy.
Anyone else think the plan here is to take money out of philanthropic giving and into the control of the federal government?