So much for the Valentine’s love: As reported here by the The Chronicle of Philanthropy, the Obama administration’s budget for fiscal year 2012 includes, among other things, a proposal to cap the value of itemized deductions, including those for charitable contributions, for households earning more than $250,000 a year.
According to the Washington Post, the $3.7 trillion budget proposal would trim or terminate more than two hundred federal programs in 2012, and would also cut hundreds of billions of dollars of domestic programs over the next decade. The link to the Post’s coverage is here. Additional reporting by Jackie Calms of the New York Times can be found here.
The administration’s plan also 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 heating assistance and the consolidation and elimination of several education programs.