Word: nonprofit
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Dates: during 1960-1969
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...SLOPPY SERVICE. Consumers Union, a nonprofit, private testing organization of which Nader is a board member, distributed 20 deliberately broken TV sets to New York City homes and asked neighborhood repairmen to fix them: only three of the 20 were properly serviced. Television, air-conditioner and many other repairmen commonly refuse even to look at a cantankerous appliance until they collect a substantial "estimate fee." Texas authorities have forced finance companies to return $1,900,000 to victims of unscrupulous and outrageously sloppy home-improvement firms. Automobile repairing has broken down so badly that automakers have instituted training programs...
...that allow some extremely wealthy people to escape payment of all or nearly all federal income taxes. This provision has some undesirable side effects. While it would prevent charitable contributions for purposes of reducing taxes, it would also remove the incentive for making gifts to schools, museums and other nonprofit institutions...
FOUNDATIONS. Even harder hit than the oil industry were the country's nonprofit foundations. They are easy political prey. Feared by some liberals because they represent aggregations of tremendous wealth over which there is no public control, the foundations are also mistrusted by conservatives because many of them support liberal causes with tax-free resources. In a move that was as political as it was economic, the Senate committee departed from the House bill to substitute a .2% tax on assets for a 7½% tax on net investment income and capital gains. It also went far beyond...
...more heavily taxed. To help share his own fortune, he has formed a foundation that operates an 880-acre camp for emotionally disturbed boys. "I wanted to invest in people rather than buildings," he explains. To lighten the burden for retired persons on fixed incomes, Eckerd set up a nonprofit Senior Citizen Club; its members qualify for discounts at his drugstores. For his cherished employees, he is working out the details of a more unusual plan. Under it, Eckerd would place 90% of his stock in his company in trust. Over a period of years, options would be granted...
Banzhaf quit his law firm (one of its clients was Philip Morris) and moved to a Washington flat five blocks from the headquarters of the Tobacco Institute, the industry's Washington lobby. He organized a nonprofit foundation called ASH (for Action on Smoking and Health), which monitors radio and TV to see that antismoking ads are shown and distributes information on smoking and health. Bachelor Banzhaf is authorized to draw a salary of $20,000 a year but manages to get by without it, living on his salary as an instructor at George Washington University Law School...