On Tuesday November 15th CGP’s contact in Washington, Perry Wasserman, provided a post-election update on 2017 tax issues and the “lame duck” session. Below, Perry answers CGP member's questions from the webinar.
Congress is presently in recess until after the November election, at which point lawmakers will return to DC for a lame-duck session that should pick-up steam in the weeks between Thanksgiving and Christmas. During these waning days of the 114th Congressional session, CGP is monitoring a number of bills that would directly affect charitable giving incentives. These bills include:
Key federal lawmakers are continuing to focus their attention on college and university endowments, particularly those endowments exceeding $1 billion in value. Last month, for example, the Ways & Means Oversight Subcommittee held a hearing which examined rising college costs and how some colleges and universities are using their endowments to fulfill their charitable missions.
The 2016 Presidential election is now less than one month away and throughout the campaign season both Hillary Clinton and Donald Trump have released various tax proposals that, if enacted into law, would greatly affect charitable giving in this country. It’s fair to say that the two candidates envision dramatically different tax codes and, as evidenced in the first two Presidential debates, these views will continue to play a major role in the election.
Another study has confirmed Russell James’s finding that people are more motivated to make legacy gifts by stories that feature living donors. The online survey completed by 2,518 US adults, found that those who had read stories about living – as opposed to deceased – legators expressed an even greater interest in leaving a legacy. The participants all reported significantly greater interest in making a bequest gift than making a donation within the next three months after they read vignettes of donors’ life stories and their planned charitable bequests.
Russell Norman Howes, age 66, of Wisconsin, died on August 31, 2016. Russ was preceded in death by his parents and brother Robert. He is survived by his wife, Sue Howes, his brother, Randy (Colleen) Howes, sisters-in-law Janet Howes and Marilyn Kelley, nephews Dustin, Brandon (Erin), Jason (Shannon), Cory (Anna), grand-niece Madeline and grand-nephew Henry.