Last week Republican leaders unveiled a “unified framework” for tax reform that will serve as the basis for major tax reform legislation currently being drafted by the two tax-writing committees. This legislation, expected to move through Congress later this year, would significantly reduce charitable giving in America. Although the framework maintains the current-law charitable deduction, the vast majority of taxpayers – as many as 95 percent! – would no longer itemize deductions on their taxes, meaning the charitable deduction would become virtually meaningless to them.
Membership with CGP its not just about papers and research. Networking with your peers at CGP events is a great way to learn and enhance your career. From virtual advocacy updates and member-exclusive webinars to the largest conference on philanthropic planning, CGP offers members top-notch education that's both effective and convenient.
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Lawmakers have, by and large, abandoned a hot and humid Washington, DC for their annual summer recess after roughly seven months of work that failed to produce a single major piece of legislation for President Trump to sign into law. By almost any objective measure, the President and Republican-controlled Congress have been stuck in a tailspin of unproductivity and have not come close to meeting the expectations many had after the November elections handed control of the White House and both Congressional chambers to one party. To make matters worse, when Congress reconvenes shortly after Labor Day, Republican leaders are bracing for a potential firestorm over the debt ceiling and government funding, two issues that must be addressed quickly in order to avoid a government default or shutdown.
The National Association of Charitable Gift Planners (“CGP”) commends Congressional leaders on recent efforts to craft tax reform legislation that strives to make the tax code simpler, fairer, and more conducive to sustained economic growth. As the momentum for this legislation continues to grow, CGP is working to ensure that any changes made to the tax code preserve and enhance charitable giving in America for many years to come.
H.R. 1337 –Legacy IRA Act was introduced and referred to the House Committee on Ways and Means. The purpose of the bill is to amend the Internal Revenue Code of 1986 to expand tax-free distributions from individual retirement accounts to include rollovers for charitable life-income plans for charitable purposes.