With wealthy families in limbo about the impact of the election on President-elect Bush’s plans for sweeping tax cuts, greater incentives for charitable giving remain one of his top priorities, The Wall Street Journal reported Dec. 14.
Faced with a divided Congress and the bad blood of the bruising post-election legal battles, Bush is not likely to win the broad tax-cut package he proposed during the presidential campaign, the Journal said.
But the Republican still favors a shorter list of tax initiatives, including gradual repeal of the estate tax and increasing incentives for charitable giving, the Journal said.
Still, wealthy families still must plan for the future, the Journal said, and some may put big charitable gifts on hold.
“Each year, my clients give $5 million in commitments and at least $1 million in current gifts that, but for the estate and gift tax, wouldn’t happen,” New York attorney Martin M. Shenkman told the Journal. “Multiply that by the whole country and I think the impact will be astounding.”