Biden’s Green Book and the future of philanthropy

Biden’s Green Book and the future of philanthropy

Fresh from the desk of President Biden comes the release of the Green Book. This document outlines two significant budget proposals that could reshape the way private foundations operate—they just have to pass first. Host Carrie Falkenhayn is joined by Jocelyne Miller from Deloitte’s Private Wealth Practice and Deloitte Center for Excellence in philanthropy and Jeff Kummer from Deloitte’s Tax Policy Group to discuss the proposal’s path forward, as well as the potential changes to qualifying distributions, tax legislation, and corporate income tax rates that all tax professionals should look out for:

The corporate rate, as we know, is permanent, but there are other provisions on the individual side, like estate and gift tax relief, that are all scheduled to sunset under current law. I could see where the corporate rate is perhaps increased to offset the cost of extending some of this other tax relief that is so impactful for individual taxpayers.                                                                                                                                                                                                                                                  —Jeffrey Kummer

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