An Albany plan to limit charitable tax deductions for those making $10 million a year or more was attacked as “devastating” by Mayor Bloomberg—one of the nation’s most generous philanthropists.

Gov. Paterson and the Legislature appear ready to slice the deduction from 50 to 25 percent for those in the eight-figure league.

Around City Hall, some are already calling the plan “the Bloomberg penalty.” The mayor last year gave away $254 million.

In a press conference, Bloomberg warned of the consequences of higher taxes and of tampering with charitable deductions.

“If one half of 1 percent of the people who pay the highest taxes left this state, our income tax would be cut in half,” he said.

(Source: NY Post)