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Philanthropists Push for Charitable Giving Reforms


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Volunteers hold turkeys during a giveaway for people in need organized by Food Bank For New York City in December. Philanthropists are pushing for reforms that would lead to more charitable giving to nonprofits like this.
AFP via Getty Images
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A group of high-profile philanthropists and foundations, along with estate and gift tax experts, have come together to push for reforms to charitable giving laws that would increase the amount of money available for nonprofits. 
Their goal is to unlock some of the US$1 trillion sitting in private foundations and donor-advised funds (DAFs) that is not obligated to be distributed to nonprofits under current law. The group, known as the Initiative to Accelerate Charitable Giving, also aims to make it easier for the 90% of taxpayers who don’t itemize to gain a tax benefit for giving to charity. ....

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