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Friday, March 14, 2014

Will Tax Reform Act of 2014 do more harm than good? Will the Getty Center lose its Funding?

One proposal from the 2014 Tax Reform Act of 2014 that has apparently some in the non-profit world concerned is a proposal that all non-profit funds can only be kept for five years. I find this proposal typical of what is wrong with how the present government thinks.

Why should only the non-profit sector be forced to pay down their wealth in five years, what about applying the 5 year spend down rule to the private sector, the billionaires and trillionaires as well. This is typical rule making that may adversely affect everyone but the rich elite.

And yet, I would much rather see consumers being given incentives to pay down their debts so that they can generate more local commerce, which in turn would increase government revenue at both the state and federal level while giving more people an income stream first, than telling anyone how and when to spend their money.

In the meantime, will we be saying goodbye to the J Paul Getty Center in Los Angeles if this 5 year spend down rule becomes law?




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