Tax Exemption Legislation Could Be Good News for Political Donors
The Republican lead Congress recently passed some new legislation – without garnering much attention at all – that could be a big boon for major donors of political organizations and groups. The bill could protect big donors from having to pay gift taxes on their large donations to these political groups.
The bill, which is headed to the senate, could make way for even more donations in coming years from nonprofit groups that are registered as 501(c) groups, especially in 2016, the country’s next presidential year. Right now, it appears that these big donors rarely pay taxes on their large donations, but as it currently stands the law does not offer specific protection from being assessed with gift taxes. That fact makes some donors a little nervous that the IRS could come knocking.
However, the new piece of legislation that Congress just recently passed would make it clear that gift taxes would not apply to groups that are registered under the Tax Code sections 501(c)4, (c)5 or (c)6. That means most of the big donor organizations that are registered under these sections would be immune from paying gift taxes.
This would obviously be good news for the many ultra-wealthy individuals who are deeply involved in politics and political movements. By having assurances that their donations would never be subject to the gift tax, the amount of money they can donate could increase even more.
European Union Going After Tax Deals in the Netherlands
European Union Going After Tax Deals in the Netherlands The list of international tax havens is long and each country has it’s own benefits. However, no matter which country people or businesses choose to partner with in an effort to save on their tax bill, that effort is getting harder every day. It seems that…
Make Charitable Donations Easy During Retirement
Can you make charitable donations easy during retirement? A lot of people, especially many ultra wealthy individuals and couples, enjoy sharing their fortunes with charitable causes. In fact, some of the biggest donors in the United States are also some of the country’s wealthiest individuals, including Bill and Melinda Gates (Microsoft), Warren Buffet (Berkshire Hathaway) and…
Wondering What to Do With Your Capital Losses – Try These Ideas
Wondering what to do with your capital losses; why not try these ideas? It was just days before Christmas and all through the land investors were scrambling to get the upper hand. Cries of “buy here” and “sell there” were heard throughout Wall Street, while every stockholder was busy trying to stay on his/her feet.…
Finding the True Power of Motivation
Is Motivation Aptitude Superior to Scholastic Aptitude? This article has been updated since originally posted. What does it mean to be truly motivated and how far can being motivated really push a person? The saying goes, “where there’s a will there’s a way”, and in so many instances that mantra has proven correct, even things…