Obama budget = good news + bad news for nonprofits 2/3/10

The $3.8 trillion federal budget that President Obama has proposed for 2011 seems to avoid major cuts in many social-service programs and adds money to some. At the same time, the President renewed his proposal to limit the value of charitable deductions for wealthy taxpayers in his proposed fiscal 2011 budget plan - refashioning it as a way to help provide tax relief to middle-income Americans. The proposal would limit to 28 percent the tax break couples earning $250,000 (or individuals earning $250,000) could get for their itemized deductions, including gifts to charity. Read More...