President Obama said Tuesday that Republican proposals to avert ?fiscal cliff? tax hikes and spending cuts would put colleges, hospitals, and other nonprofit organizations at risk of closing, says?Reuters.
Republicans have opposed any increase in income-tax rates, including for top earners. House Speaker John Boehner offered a plan this week that envisions $800-billion in new revenues from closing loopholes and limiting or eliminating deductions, a figure the president characterized as wildly exaggerated in an interview with Bloomberg TV.
?The only way to [raise $800-billion] would be if you completely eliminated, for example, charitable deductions,? Mr. Obama said. ?If you eliminated charitable deductions, that means every hospital and university and not-for-profit agency across the country would suddenly find themselves on the verge of collapse.?
Also on Tuesday, the heads of the American Red Cross, United Way Worldwide, and Catholic Charities USA met with senior White House policy officials as part of nonprofit groups? lobbying efforts to protect tax breaks for giving.
Read more Chronicle of Philanthropy coverage of the charitable deduction debate.
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