As promised (and mentioned in this blog), the framework for the tax reform proposal by the White House, House Ways and Means Committee, and Senate Committee on Finance, was presented on Wednesday, September 27. Since that announcement, many various media outlets and financial experts have weighed in. In particular, we find this preliminary analysis by the Tax Policy Center at the Urban Institute & Brookings Institution to be interesting. Click here to read it.
Note that we’re still very early in this process as no legislative bill has been created as of 10/5/17. The plan is for the House to draft a bill that will then go to the Senate by the end of October. Then the Senate will add their take and send back to the House to reconcile the differences. It would be very optimistic to expect all of this to happen before Thanksgiving. There are a lot of moving parts to the legislative process.
Sharpe Group will continue to monitor developments and report back in this blog and in our Give & Take publication as plans begin to cement. In the meantime, we encourage fundraisers to put a lot of focus on year-end giving this year as it’s possible that a new tax policy could change charitable giving in the near future.
By Barlow Mann