Billionaires Bill Gates and Warren Buffett said limits on charitable deductions could hurt giving—but only among the lesser rich.
In a joint interview on CNBC, Gates and Buffett said proposals to possibly limit or cap charitable deductions would not have changed their own giving. The charitable deduction's impact has become a flashpoint in Washington as President Barack Obama and some Democrats have proposed limiting deductions for high earners.
Since both Gates and Buffett have given away tens of billions of dollars, they were only able to use a tiny sliver of the deduction.