Bloomberg Troubled by Charitable Tax Deduction Reduction

Mayor Bloomberg is troubled by President Obama's budget proposal, which would reduce tax deductions for charity donations.

Bloomberg personally gave $205 million to over a thousand different charitable organizations last year. He says with endowments down and charitable giving low, this is a bad time for institutions that rely on donations.

BLOOMBERG: And to make it harder by making less deductibility doesn't make any sense to me whatsoever.

A study released by the Center on Philanthropy at Indiana University might assuage the Mayor's concerns. It found 52 percent of wealthy households said they would continue to give even if there were no tax deductions.