WASHINGTON, DC – Earlier today Republican leaders in the House introduced the Tax Cuts and Jobs Act (HR 1), a 429-page mark of sweeping tax reform legislation that has taken key lawmakers months to draft. Text of the legislation can be found here. A section-by-section analysis can be found here.
Over the course of the next several weeks, CGP expects significant action on federal tax reform legislation. Here is how you can stay up-to-date with the latest news and analysis as well as opportunities for you to help CGP with our lobbying efforts on Capitol Hill.
On Thursday, October 12 more than 50 nonprofit leaders who specialize in charitable gift planning convened on Capitol Hill urging Members of Congress and senior Congressional staff to protect the full value of the charitable deduction. Lawmakers are presently drafting the largest rewrite of the federal tax code in 30 years, and legislation is expected to move through Congress in November.
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.