Putting a cap on charitable giving for wealthy

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The Obama administration's budget plan asks Congress to raise taxes on the wealthy to help stem the flood of red ink. One of the strategies to increase tax revenue is a cap on the rate that high-income taxpayers can use to claim charitable deductions. This is part of a plan to finance changes to the country’s health-care system. That news is sending shudders through the nonprofit and philanthropic world. Joining us this morning is Peter Panepento, a web editor with the Chronicle of Philanthropy, and Matthew Bishop from The Economist and author of Philanthrocapitalism: How the Rich Can Save the World joins us from Barcelona.

"I don't think you can characterize it either as a pro-rich or anti-rich budget, it's kind of a new approach and if it could come off it could be quite interesting."
— Matthew Bishop of The Economist on the new budget