Word: tax-exempt
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...meeting of white ministers in New York City recently, Floyd McKissick, national director of the Congress of Racial Equality, announced that a major project of Negro militants is to expose "those who prostitute the church." McKissick charged that predominantly white denominations have used comparatively little of their tax-exempt financial resources to aid the Negro, and warned that they must "reevaluate themselves in terms of Black Power and the needs of black men." CORE plans to publicize what it considers disparities between church preaching and practice on race...
Lampoon--Although it is classified as some sort of tax-exempt museum, the Lampoon is as much of a final club as any one of the 11. It is a farce to think of it as anything else. The Poon uses the blackball system for elections, monthly dues are $15, and the Big Fun comes at the Thursday night dinners in the Castle, where the food-throwing might match that of the Three Stooges. Candidates seeking election must endure a hellish "Fool's Week," which in tedium can outdo any small college fraternity...
...related situation, churches can operate a profitable, unrelated business and not be subject to taxation. A church can even buy a business, finance the purchase with a mortgage, lease back the business to the original operators, take in most of the earnings, and still be tax-exempt. An unrelated-business tax should definitely be extended to churches...
...private corporation. Because the city bonds are free, the interest rates are lower than they would be if the corporation itself borrowed the money and the lender had to pay taxes on the interest. Originally, the system benefited both struggling businesses and depressed areas. But as the practice has grown in the last few years, large corporations have exploited the device, in essence, converting their regular bonds into tax-exempt bonds. It distorts the local tax-exempt privileges, and in the long run simply forces the Federal tax system to support the financing...
...protected us from McCarthy, it helped some people get draft deferments, and it probably put in a good word to the Internal Revenue Service when NSA applied for tax-exempt status," Groves said...