Obama’s Job-Creation Package Would Cap Itemized Deductions

President Obama’s $447 billion job-creation package would cap itemized deductions—including those for charitable contributions—at 28 percent for individuals earning more than $200,000 a year and married couples earning more than $250,000.

Read more on the proposal in two articles:

Obama’s Jobs Bill Includes Plan to Limit Charitable Deductions for the Wealthy
from The Chronicle of Philanthropy, September 12, 2011

Obama Proposes Tax on Bonds, Carried Interest for Wealthy
from Bloomberg Businessweek, September 13, 2011