House of Representatives raises taxes on charitable philanthropy

[Cypress]

This week, a budget reconciliation package was approved, which stipulated a tax of 10% on philanthropic foundations with more than $5 billion in assets.​

Many billionaires have started foundations as a way to channel their philanthropic efforts, but a recent decision from the U.S. House of Representatives may upend that practice. Just this week, a budget reconciliation package was approved, which stipulated a tax of 10% on foundations with more than $5 billion in assets.

“The reason this is insidious is that it’s going to really hit the big liberal foundations like Gates, Ford, and Soros,” Kathleen McCarthy, director for the center on philanthropy at CUNY, tells Fortune. “Whereas the conservative foundations are much smaller and they will pay a much lower rate.”

Thousands of liberal foundations led by billionaires including Gates, Scott, George Soros, and Mark Zuckerberg could be hit hard by these tax hikes. This could entirely change how billionaires approach philanthropy.

Hundreds of billionaires pledged to give away $600 billion to charity—but the Bill Gates and Warren Buffett era of philanthropy may be over

A new tax proposal aimed at crippling liberal philanthropic foundations may bulldoze a billionaire giving norm—but women like MacKenzie Scott and Melinda French Gates are expected to step up instead.

www.yahoo.com

 

[Callinectes]

Why would Jesus weep?

 

[Phantasmal]

Why would Jesus weep?

Faux MAGA Christians

 

[Cypress]

Why would Jesus weep?

Congressmen punishing charitable philanthropy.

 

[Callinectes]

Faux MAGA Christians

I would think that Jesus weeps over ALL "faux Christians", conservative or not (MAGA is not a person).

Congressmen punishing charitable philanthropy.

If these foundations really wanted to give away their excess fortunes in a Christian manner, they should close their doors immediately. Every cent they make becomes taxable minus the normal deductions, and most, if not all of those excess fortunes would go to Christian causes to the glory of God.

I just brushed over the yahoo article and two points jumped out at me:

1) Women are taking control of this issue, which is fine by me.

2) The concept of "stealth giving", which I didn't get the full explanation of, but sounds like suspiciously like what I outlined above.

Matthew 6:2
2“So when you give to the needy, do not announce it with trumpets, as the hypocrites do in the synagogues and on the streets, to be honored by others. Truly I tell you, they have received their reward in full.​

 

[Cypress]

I would think that Jesus weeps over ALL "faux Christians", conservative or not (MAGA is not a person).



If these foundations really wanted to give away their excess fortunes in a Christian manner, they should close their doors immediately. Every cent they make becomes taxable minus the normal deductions, and most, if not all of those excess fortunes would go to Christian causes to the glory of God.

I just brushed over the yahoo article and two points jumped out at me:

1) Women are taking control of this issue, which is fine by me.

2) The concept of "stealth giving", which I didn't get the full explanation of, but sounds like suspiciously like what I outlined above.

Matthew 6:2​

2“So when you give to the needy, do not announce it with trumpets, as the hypocrites do in the synagogues and on the streets, to be honored by others. Truly I tell you, they have received their reward in full.​

Republicans are cutting programs that help lower income and middle income people, and taxing charitable philanthropies, to try to pay for tax cuts that overwhelmingly benefit the affluent.

There's nothing remotely Christian or moral about that.

 

[Callinectes]

Republicans are cutting programs that help lower income and middle income people,

What programs are those?

and taxing charitable philanthropies, to try to pay for tax cuts that overwhelmingly benefit the affluent.

Why don't these people just give away their money and shut up? They could get the government completely out of their hair!

As for tax cuts that overwhelmingly benefit the affluent, the first year of the Trump tax cuts saved me $3000 on my tax bill. In April when I did my taxes for 2024, I ended up OWING the government over $5000, the only change was I started drawing social security, which social security will be quick to tell you, is not taxed (because supposedly you have been paying SS taxes all your working life).

No one told the internal revenue gestapo though. They call it "income". And you are most definitely taxed on it. And there is no mechanism such as a W-2, in place to withhold taxes from your SS because it's not taxed, remember? It is insane and infuriating.

The "big beautiful bill" addresses this, though. It's going to overwhelmingly benefit me for sure, I don't care about what it does for the affluent.

There's nothing remotely Christian or moral about that.

I agree there's not a lot of morality associated with either the federal government or the structure of corporate charity. And as much as I would love to see a massive infusion of Christian principles into our government, the left has leached out the concept of a Christ-centered government through the doctrine of the separation of church and state. Enjoy the sewer you asked for.

 

[Cypress]

And as much as I would love to see a massive infusion of Christian principles into our government, the left has leached out the concept of a Christ-centered government through the doctrine of the separation of church and state. Enjoy the sewer you asked for.

Christian principles of justice and equality infused and animated the of slavery abolition movement, Martin Luther King's civil rights movement, establishment of the social welfare state in Western Europe.

It's only because of FOX and a vocal minority on the left that you believe liberals think religion is evil and that religious values have absolutely no place to inform one's value priorities in the realm of public policy.

Since 60 percent of Democrats are practicing Christians or Jews, of course the values of social justice permeating those monotheistic traditions are going to inform their values and guide which principles of justice and equality they are going to advocate for.