President Obama’s December agreement with Congress to extend the Bush-era tax cuts for all taxpayers, including the richest, could be a boon for giving, advisers tell The New York Times.
The new law arising from the deal, which maintains current tax rates for two more years, was generous on gift and estate levies, exempting $5-million per person from taxes. This will encourage families to increase giving as they update their wills, said Janine Racanelli, a lawyer at JPMorgan Private Bank.
“I view the changes that are effective as of January 1 as a catalyst for action” on giving, Ms. Racanelli said.
Read a Chronicle of Philanthropy opinion column on tax deal’s potential impact on giving.