Big changes would require an act of Congress but lawmakers have not stepped up. And there’s been pushback against new rules the IRS has proposed for these accounts reserved for giving.
Three scholars weigh in regarding the priorities of these wealthy American donors, who gave less to social service and racial justice groups than in the first year of the COVID-19 pandemic.
While support for social services and historically black colleges and universities rose sharply, these donors spent a tiny fraction of what the government distributed to people who needed help.
As these tax-exempt vehicles transform philanthropy, they’re drawing more scrutiny. Will Congress or the Trump administration tinker with the rules that encouraged their rapid growth?