According to the Foundation Center, "The Obama administration's budget for fiscal year 2012 includes a proposal to cap the value of itemized deductions, including those for charitable contributions, for households earning more
than $250,000 a year, the Chronicle of Philanthropy reports.
According to the Washington Post, the $3.7 trillion budget
proposal would trim or terminate more than two hundred federal
programs in 2012 while increasing investments in education,
transportation, and research. The plan also would cut hundreds
of billions of dollars of domestic programs over the next decade,
including many that are strongly supported by Democrats. "It
would mean cutting things that I care deeply about," the presi-
dent said. "But if we're going to walk the walk when it comes
to fiscal discipline, these kinds of cuts will be necessary."
Among other things, the administration's plan calls for a
$300 million reduction in funding for the Community Block Grant
program, as well as a 50 percent cut to federal low-income heat-
ing assistance and the consolidation and elimination of several
education programs. The president has said he would push to allow
the Bush tax cuts for households earning more than $250,000 to
expire at the end of 2012 and will propose changes to the estate
tax, which currently allows couples to pass on estates as large
as $10 million to their heirs tax-free. Dropped from the budget
was the administration's plan to develop a system of tradable
vouchers for greenhouse gas emissions, which faced opposition
from Republicans and industry.
"While it's absolutely essential to live within our means, while
we are absolutely committed to working with Democrats and Repub-
licans to find further savings and to look at the whole range of
budget issues, we can't sacrifice our future in the process,"
Obama said. "Even as we cut out things that we can afford to do
without, we have a responsibility to invest in those areas that
will have the biggest impact in our future -- and that's especi-
ally true when it comes to education."
Read more at http://nyti.ms/eKH5Gr