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.
Don’t Overlook These Expenses When Planning Your Retirement
Don’t Overlook These Expenses When Planning Your Retirement Whether you are getting closer to retirement or not, most people look forward to the day when they no longer have to clock in and out every day, so to speak. Retirement can be a truly satisfying time, but for many people it turns into a nightmare…
Top Habits of the Highly Successful
Top Habits of the Highly Successful There is no one-way to become successful in business. People from all walks of life in all kinds of industries have managed to reach high net worth status through various measures and habits. Not every successful individual has the same personality and they don’t all follow the same path…
How to Stick to Your Veggie Diet on the Road
How to Stick to Your Veggie Diet on the Road With much of the developed world looking for more ways to be healthy, including eating better, many people have moved towards eating more unconventional diets. In fact, there are so many different specialty diets these days that one can hardly keep track of them all.…
Will You Have Enough in Retirement?
Will You Have Enough in Retirement? Are you starting to get closer to retirement? If so, have you taken the time to sit down with a professional wealth manager or advisor to discuss your financial outlook? Or, perhaps, you’ve largely ignored retirement and haven’t thought about how much it will cost to live from month…