Tax Reform Gains Steam in Congress

Tuesday, November 29, 2016

The momentum for comprehensive, federal tax reform has been progressively building. The Hill reported the post-election evolution from speculation to near-certainty that Congress will act in 2017 (The Hill - November 10November 19 and November 20). It's not clear exactly what course reform will take, but we can look at the plans presented during the campaign. The House Republicans released their "Better Way" tax plan this past summer which asserts the best way to promote charitable giving is to stimulate a growing economy. The Trump campaign also issued a tax plan during the election.  Tax Policy Center has completed an analysis of the GOP tax plan. The Center's analysis of the revised Trump Tax reform plan includes a projection that charitable giving would fall in 2017 by at least 4.5 percent and by as much as 9 percent, or by about $13.5 billion to $26.1 billion. MCF will be directly involved with monitoring and advocacy of both state and federal tax reform efforts in 2017 as part of our policy goal of promoting philanthropy and charitable giving.

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