A bipartisan coalition, including Republican Senators Todd Young and James Lankford, successfully prevented a 600% tax increase on the endowments of large private foundations when Trump signed tax legislation. The proposed tax would have increased from 1.39% to 10% on investment earnings for foundations with assets exceeding $5 billion. Young engaged with leaders of major foundations to understand the potential impacts of the tax hike. The outcome demonstrates the influence of philanthropic groups and a split in the administration over the role of private philanthropy.
The effort to oppose a 600% tax increase on private foundation endowments was driven by two Republican senators and a broad bipartisan coalition, preserving low tax rates for philanthropy.
Sen. Todd Young noted the importance of understanding the implications of tax increases on foundation endowments, referring to conversations with leaders from a dozen significant foundations.
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