Charities Could Be Losers In Tax Plan

In the fiscal feud between President Obama and Republican lawmakers, economists agree that Washington could raise several hundred billion dollars by limiting tax deductions and closing loopholes for the wealthy, but charities likely would take a big hit in donations.

At the center of the dispute between Mr. Obama and the GOP is whether they could raise enough revenue for a deal on deficit reduction without raising tax rates on families earning more than $250,000 per year.

Some economists say revenue could be raised on the order of $1 trillion over a decade without raising rates, more than the $800 billion proposed by Republicans but short of the $1.6 trillion sought by Mr. Obama.
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