Another devastating intended/unintended consequence of the Obama administration's major government expansion: charity organizations (already in deep struggle to weather current economic conditions) will likely experience additional major decline in contributions.
On the April 16 broadcast of Fox Business Network's "Varney & Co.," Rick Dunham, CEO of fundraising consultant Dunham & Company, weighed in on the new budget proposal that would scale back charitable deductions for families making over $250,000.
"Do you think you're going to take a really big hit in terms of lower donations to charities? How big a hit?" host Stuart Varney asked.
"Well the Center on Philanthropy at Indiana University did a study last year to look at the impact of the rise in the marginal tax rate and the capping of charitable deductions at 28-percent and they believe that it'll be about almost a $4 billion hit based on 2006 dollars," Dunham said. "So we're probably looking at about a $5 billion hit."
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