The cost of donating Mr. Obama's nobel - are the limitations on charitable donations too excessive?

From a letters to the Editor in today's Washington Post:

The most interesting aspect of President Obama's Nobel Prize money [is that, unlike] many countries, the United States considers the money accompanying Nobel Prizes to be ordinary income, and, hence, subject to taxation. Also, the U.S. tax code limits the amount of charitable donations that are deductible. So, if Mr. Obama gives away all his prize money [as he said he will], it will cost him a lot of extra money. And, finally, Mr. Obama is already on record as wanting to further reduce the charitable deduction. Will his current situation change his view on this?