A coalition of charities has expressed concerns about a Senate budget proposal that could potentially place a limit on charitable deductions.

The group, known as the Charitable Giving Coalition, includes United Way Worldwide, the Salvation Army, Catholic Charities USA, the American Institute for Cancer Research and other organizations. Representatives of several of the groups testified at a congressional hearing last month urging lawmakers not to cap charitable deductions for wealthy taxpayers (see Congress Considers Cap on Charitable Deductions). They are now concerned about a budget proposal approved Thursday by Democrats on the Senate Budget Committee that would raise $975 billion in revenue over 10 years by reducing unspecified tax breaks for the wealthiest taxpayers and largest corporations.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access