Saturday, February 28, 2009

Obama Tax Proposals a Mixed Bag

A recent article provides a breakdown of President Obama’s tax proposals.

One element may be devastating for charities.  The proposal would cap the value of deductions for things like charitable donations, mortgage interest and investment expenses at 28% for couples earning more than $250,000, or 30% less than they would otherwise receive.

On a more positive note, the proposal would stop the scheduled repeal of the estate tax next year and freeze current levels, i.e., a 45% maximum tax rate on a married couple’s estate valued at more than $7 million.

1 comment:

Anonymous said...

This Wall Street Journal Blog confirms what charities are thinking about Obama tax proposal to limit income tax deductions.