1344 Obama - from Bad to Wor$e

Under present tax system if you earn a million $ and donate the entire million to charity you owe the feds $160,726.

Not good enough for Steve:

A controversy is brewing over the Obama administration's proposal to limit tax deductions for charitable gifts in the new budget to Congress.

Whether people are giving for the sake of giving or to reduce their tax burden doesn't matter -- charities will feel the impact, some contend.

Under the proposal, taxpayers earning more than $250,000 will have potential deductions for charitable contributions reduced to 28 percent from 35 percent now, according to an analysis in this New York Times story. That means a 28-cent deduction for every dollar donated.