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)