The aim of philanthropy — as stated by John D. Rockefeller — is for the wealthy to step in and provide services that government won’t. The two were supposed to act in concert, not in competition.
The Obama jobs bill, however, creates a new battle between the charity world and government.
The main source of funding for his $447 billion jobs bill is a limit on the deductions for those individuals making $200,000 a year or more (apparently, $200,000 is the new $250,000 when it comes to defining “wealthy.”).
Specifically, the proposal would limit the value of itemized deductions to 28 cents for each dollar of income deducted.
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