In the past few weeks several clients have asked us if we think the November election will significantly impact charitable giving, especially among high net worth individuals. The answer is “yes, and no.”
Clearly there are individuals who are anxious about the outcome of the fall election. Some see the election as bringing hoped-for clarity regarding the budget, the deficit, tax policy, regulation, the deductibility of charitable gifts, and many other matters.
A healthy political discourse is always good for democracy. But, we wonder on the day after November 6, if any of these complicated issues will be “solved.”
Barring a major landslide victory by either party (not something predicted in the most recent polling), the more likely scenario is that the long sought “clarity” may be allusive.
In the short term, donors of all types are likely better served by paying attention to their personal financial circumstances, their relationships with specific charitable organizations, and their own heart and mind to guide their philanthropic decisions.
So, yes we may know more about the political direction of the country after November 6, but no the election is unlikely to bring true “clarity” to many of our most pressing challenges as a country.