Three US senators introduced legislation at the end of March intended to encourage foundations to give more of their money. The measure would change the way foundations are taxed on their investment income, replacing the current two-tier system with a single tax rate. At the moment, private foundations must make grants and other expenditures for charitable purposes equal to at least 5 per cent of the market value of their assets.
Subscribe now from only £45 a year!
This article is only available for our subscribers
Existing users can login here