More Quotes

“In these hard economic times, we need to make sure tax and regulatory policy encourages growth in philanthropy,” said Steve Gunderson, chief executive of the Council on Foundations, quoted in a New York Times article, Limiting Deductions on Charity Draws Ire. 

 "This proposal could have an adverse effect on a market that is already in trouble, and this is not the time to reduce incentives for buying or refinancing a home," Mortgage Bankers Association chief executive officer David G. Kittle as quoted in a Philadelphia Inquirer article, Plan to Limit Mortgage Deduction Draws Fire.

 "It's a no-brainer for economists.  Why have taxpayers been [in effect] subsidizing home payments for the highest income people in the country?"  Dean Baker, co-director of the Center for Economic and Policy Research, a D.C. think tank, in a CNN article, Mortgage Deductions: Wealthy on the Losing End, stating that he was impressed with this part of the budget plan.  This article indicates that the move would generate $318 billion in a 10 year period.

These quotes are in response to President Obama’s tax proposal to limit deductions on things like charitable donations, mortgage interest and investment expenses at 28%.