{"id":767,"date":"2005-09-16T08:57:36","date_gmt":"2005-09-16T15:57:36","guid":{"rendered":"http:\/\/www.artsjournal.com\/artfulmanager\/wp\/2005\/09\/the_problem_is_postponed_but_t\/"},"modified":"2005-09-16T08:57:36","modified_gmt":"2005-09-16T15:57:36","slug":"the_problem_is_postponed_but_t","status":"publish","type":"post","link":"https:\/\/www.artsjournal.com\/artfulmanager\/main\/the_problem_is_postponed_but_t.php","title":{"rendered":"The problem is postponed, but the debate continues"},"content":{"rendered":"

September 6 was supposed to be the day the U.S. Senate voted on permanently repealing the estate tax — that percentage the federal government takes when folks pass away and pass along more than $1.5 million in assets to their young’ens. The permanent repeal seemed on track until the devastation of Hurricane Katrina, which many now realize would make a massive tax cut to the wealthy look ”unseemly<\/a>.” Now, the vote has been delayed<\/a> pending happier economic days.<\/p>\n

It’s a welcome delay for arts advocates — and others in the nonprofit world — who saw the estate tax as an important incentive for charitable giving, especially bequests. Says the American Arts Alliance<\/a>:<\/p>\n


\nIt is estimated that repealing the estate tax would reduce federal revenue by $1 trillion over the next 20 years and remove a strong incentive for charitable bequests. A 2004 Congressional Budget Office study reported that eliminating the estate tax would result in an estimated 22% decline in charitable bequests. A report issued by the Brookings Institution indicates that a repeal of the estate tax would result in a total loss of about $10 billion in charitable giving each year.
\n<\/i><\/p><\/blockquote>\n

While the issue is deferred, it’s coming back for sure. Those interested in being ready for it might want to wander to Barry Hessenius’ weblog, where a group discussion on the topic<\/a> is now underway.<\/p>\n","protected":false},"excerpt":{"rendered":"

September 6 was supposed to be the day the U.S. Senate voted on permanently repealing the estate tax — that percentage the federal government takes when folks pass away and pass along more than $1.5 million in assets to their young’ens. The permanent repeal seemed on track until the devastation of Hurricane Katrina, which many […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-767","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-main","7":"entry"},"_links":{"self":[{"href":"https:\/\/www.artsjournal.com\/artfulmanager\/wp-json\/wp\/v2\/posts\/767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.artsjournal.com\/artfulmanager\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.artsjournal.com\/artfulmanager\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.artsjournal.com\/artfulmanager\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.artsjournal.com\/artfulmanager\/wp-json\/wp\/v2\/comments?post=767"}],"version-history":[{"count":0,"href":"https:\/\/www.artsjournal.com\/artfulmanager\/wp-json\/wp\/v2\/posts\/767\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.artsjournal.com\/artfulmanager\/wp-json\/wp\/v2\/media?parent=767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.artsjournal.com\/artfulmanager\/wp-json\/wp\/v2\/categories?post=767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.artsjournal.com\/artfulmanager\/wp-json\/wp\/v2\/tags?post=767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}