This week, The White House is rolling out President Obama’s proposed federal budget for the next fiscal year.
Today, Secretary of the Treasury Jack Lew is presented it, through testimony, to the U.S. House’s Committee on Ways & Means.
Among the proposals, Mr. Lew puts forward – yet again – the Administration’s proposal to reduce the rate of tax deductibility for contributions to charity stating the proposed budget plan “sets a 28 percent maximum rate at which upper-income taxpayers could benefit from itemized deductions.”
The White House has proposed such a policy in past budgets. Each year, the Orthodox Union has joined with others in the charitable sector to oppose such a measure which would severely damage America’s charities.
Of course, we shall oppose it again this year and hope that supporters of the charitable sector in Congress will ensure it is not enacted.