AHP has confirmed that the U.S. Senate Finance Committee is considering an alternative version of President Obama’s proposal to limit the value of charitable and other itemized deductions for upper-income taxpayers.
The Administration's original proposal would limit itemized deductions to 28 percent. The new proposal limits itemized deductions to 33 percent or 35 percent for taxpayers whose income tax brackets would increase to 36 percent or 39.6 percent in 2011. The Tax Policy Center estimates that the modified version would raise $68 billion over ten years.
AHP sent a statement to the Senate Finance Committee on June 30, 2009 along with a coalition of other concerned organizations, including AFP and CASE.
Read the Coaltion Statement.
Read the Senate Finance Committe's original policy options paper, issued May 18, which provides details of the original proposal to limit the value of charitable deductions to 28 percent.