Mar 7, 2018
Payroll-deduction, defined contribution plans have changed the way we save for retirement and may yet change the way we pay for health care and pay down college debt. Now the CEO of a large third-party administrator (TPA) has a plan to use it to create a nation of “everyday philanthropists.”
The Tax Cuts and Jobs Act is likely to reduce the percentage of Americans who itemize – and thereby have access to the charitable giving tax deduction – to less than ten percent, eliminating much of the tax incentive to contribute. Enter Dan Rashke, CEO of TASC, the man behind The Greater Give, a campaign in favor of legislation that would allow employers to set up Flexible Giving Accounts (FGAs). With an FGA, an employee could dedicate a portion of their pre-tax compensation to philanthropy, thereby expanding the federal tax incentive while reducing employers’ payroll tax obligations. In this episode, host Jason Hammersla speaks with Rashke about TPAs, building a corporate culture of philanthropy and the march toward FGA legislation.