Americans are a generous people, from the wealthiest 40 individuals who signed a "Giving Pledge" promising to give away at least half of their wealth to the local folks who quietly support the community, AWB President Don Brunell writes in his weekly column.
Unfortunately, the donations that come from small employers -- and often provide critical funding for local nonprofit organizations -- are now at risk of dwindling.
That's because President Obama's is proposing to reduce the federal income tax deduction that wealthy people receive for charitable gifts from 35 percent to 28 percent.
Many small business owners file their taxes as individuals, so they can end up being defined by the government as "wealthy," Brunell writes.
The proposal has sparked a firestorm of protest from charity managers, who fear it will undercut support for their programs at a time when the need is greater than ever.
"While the changes target 'the rich,' Brunell writes, "the greatest impact would fall on the poor."
