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.
Who will be the Next Elon Musk?
Who will be the Next Elon Musk? Everyone has heroes, for some, it’s Elon Musk. Truth is, we’ve all dreamed of becoming the next “great…” at some point in our lives. If you love basketball, then you’ve undoubtedly dreamed of becoming the next Michael Jordan at least once in your lifetime. If you live in…
The Facebook Approach to Hiring
The Facebook Approach to Hiring When you’re looking for someone to do some kind of service for you, whether it’s building a house, repairing a car, filing your taxes, or even fixing a broken a pipe, in most cases you look for someone who has experience. So how important is the experience? In many situations,…
How Important Are Honesty and Integrity in Business?
How Important Are Honesty and Integrity in Business? Which attributes matter most in the business world? That is a difficult question to answer because there are so many important attributes that people, especially business leaders, need to have. However, one of the most important factors in any relationship, in business or life, is honesty, which…
How Do You Choose A Career?
How Do You Choose A Career? Most people have the mindset that they will someday choose a career and then follow that path and see where it takes them. However, in this day and age choosing a career is not very simple and many people end up on a road that they never expected to…