Word: exempted
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...carry messages like "Girl Scouts Choose Hillary" or "The Cleveland Library Votes Giuliani." Well, not exactly, but what Egger, who runs a Washington, D.C., soup kitchen, does want is for nonprofit organizations to break their traditional silence in presidential politics - a silence prompted by the complex rules governing tax-exempt status. Egger points out that nonprofits employ 14 million Americans, nearly 10% of the national workforce, and hold assets of $1.76 trillion. "We've got to organize," Egger urges, "take our seat at the table and be heard...
Since the AMT isn't indexed to inflation, more Americans are affected every year. If Congress doesn't act soon, about 21 million will be penalized. House Ways and Means chairman Charles Rangel has proposed a one-year stopgap fix that would exempt these middle-income taxpayers from the AMT, at a cost of more than $50 billion. The problem? In a fit of fiscal prudence, the Dems earlier this year passed a requirement mandating that Congress pay for everything it does with either tax hikes or budget cuts. Cue the proposed hedge-fund tax increase...
...TROUBLE Despite its crackdown on vehicle emissions, the Golden State's path to cleaner air is still clogged. In 2005, California passed legislation requiring automakers to cut emissions 30% by 2016, but the Environmental Protection Agency (EPA) has yet to exempt the state from the agency's less stringent regulations. Now California is taking the EPA to court, and Governor Arnold Schwarzenegger says he will "sue and sue again" until the state comes...
...said the sum was not that high. He and the Copelands claim to be tax-compliant. Hinn and Long did not respond by press time. White's ministry says to the best of its knowledge it complies with all tax codes. Meyer posted a 2007 IRS letter confirming tax-exempt status...
...original version of this article referred mistakenly to a 2006 letter from the IRS confirming the Joyce Meyer Ministry's tax-exempt status. While the IRS reviewed the ministry's activities from 2004 to 2006, it sent its letter of confirmation in October...