The Urban-Brookings Tax Policy Center and the American Tax Policy Institute held a joint conference on February 18, 2020 on Taxes and the Future of Philanthropy. The summary of the conference is as follows:
The philanthropic sector currently faces a difficult challenge: Recent changes to the tax law leave only about 10 percent of households, mainly with higher incomes, with incentive to donate to charity. This increasingly dominant influence of wealthy donors has drawn criticism, and leaders of the philanthropic sector have expressed concern about diminishing public trust in the sector’s efforts. In addition, a lack of resources limits regulators’ abilities to police this influence, thus bad actors threaten the sector’s reputation.
All this occurs against a backdrop of vexing societal challenges—climate change, rising inequality, loss of faith in government—that call for the philanthropic sector’s involvement. To address these issues, the sector is creating new philanthropic vehicles and approaches and considering legal and structural changes.
On Tuesday, February 18, a conference jointly organized by the Urban-Brookings Tax Policy Center and the American Tax Policy Institute, featuring panels of experts and a keynote address by Chronicle of Philanthropy editor Stacy Palmer, will deepen the discussion by addressing the following:
•Has charitable giving become the province of the rich, and, if so, what are the consequences?
•What policies would more efficiently and fairly encourage charitable giving?
•Can the Internal Revenue Service regulate the philanthropic sector, and should reform account for the Internal Revenue Service’s capacity?
•How has the passage of the Tax Cuts and Jobs Act of 2017 affected charities?
•How will generational change affect philanthropy?
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.