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The White House’s budget proposal to reduce the tax deduction for charitable giving from 35 percent to 28 percent for wealthy givers “would equalize” the benefit common to all taxpayers who itemize their returns, said President Obama in his March 24 news conference.

Obama vigorously defended the reduction for couples who make over $250,000 a year as “a realistic way for us to raise some revenue from people who benefited enormously over the past several years.” His administration has estimated that about $320 billion would be raised that way over the next decade.

The White House’s proposed 2010 federal budget calls for reducing the deduction for charitable contributions for the nation’s wealthiest taxpayers. Some religious groups are asking how that will affect their bottom line. The answer: it on depends who you ask.

Here’s what it means in real terms for the 5 percent of Americans whose household income exceeds $250,000 a year. Those families can currently save $350 in taxes for every $1,000 donated to charity; under President Obama’s plan, that amount would drop to $280 per $1,000 donation.