This election year has elicited responses from both political parties regarding how the outcome will impact charitable giving. Some wealthy supporters say they will cut back on philanthropic giving if the candidate of their choosing does not get elected, while others worry that proposed caps on deductions for contributions could put a damper on donations. Mitt Romney suggested a $17,000 cap for middle income households. President Barack Obama, on the other hand has previously suggested a 28 percent cap for wealthy individuals.

To help stakeholders understand how political outcomes could impact giving, the Council on Foundations leader Vikki Spruill recently sent out an email to the organization's members, according to The Chronicle of Philanthropy.

"Both President Obama and Governor Romney have put forth plans that will affect giving, and Congress is eyeing all tax deductions as potential revenue raisers," she wrote, the source quoted. "This would be a grave mistake and would negatively affect significant numbers of Americans."

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