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.

Posted in
Groco How to Travel the World in Retirement

How to Travel the World in Retirement

How to Travel the World in Retirement Retirement: that long-pursued time in life where you get to leave the workday behind and enjoy the fruits of your many years of labor, for much longer than two or three weeks a year. Most people look forward to retirement and all the free time they have to…

Tax Tip That Could Save You Big in 2017

Tax Tip That Could Save You Big in 2017 Just about everyone enjoys finding new ways to save on taxes. Even though the tax season is winding down for many, that doesn’t mean you should put taxes completely out of mind. In fact, making important tax decisions right now can pay huge dividends later on…

most expensive places to live in the world

Most Expensive Places to Live in the World

Where are the most expensive places to live in the world? There are a lot of expensive places to call home throughout the world. If you live in the United States perhaps you feel that your home state or city is one of the worst places to reside when it comes to expenses. For example,…

jet craft

Could This Be the Jet Craft of the Future?

Jet Craft of the Future There’s no question that advances in the travel industry have played a huge role in how the business world operates. As technology has developed and moved, especially in the aircraft industry the ability and ease to conduct global business has been greatly enhanced. While aircraft technology continues to move forward…