The proposal would decrease the deduction from 35% to 28% for donors who earn more than $250,000 a year, with the recouped federal taxes going to pay for aspects of the forthcoming healthcare reform package. "It puts forward a scheme that would effectively devalue charitable gifts made by the very people who are in a position to make substantial donations at a time when they are sorely needed," association President and CEO William McGinly wrote to the Senate committee.
The Senate Finance Committee is scheduled to meet behind closed doors this week to begin hammering out details of its healthcare reform proposals. Meanwhile, Sen. Edward Kennedy's Senate Committee on Health, Education, Labor and Pensions will convene starting Tuesday to consider another set of reform proposals aimed at extending health insurance to all.
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