Word: tax-exempt
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...phrases as "the dignity of man . . . the inherent worth of the individual . . . the ideals and aims of democracy." Its ideals were so loftily stated and its youthful mistakes so widely publicized that it inevitably won the reputation of being the Wild One of philanthropy. In launching his investigation of tax-exempt foundations, Tennessee's tub-thumping B. Carroll Reece solemnly warned of Ford's "subversive and un-American propaganda activities." Westbrook Pegler called it a "front for dangerous Communists," and Pravda accused it of "the sending of spies, murderers, saboteurs and wreckers to Eastern Europe...
...Reese Committee, he stated, investigated tax-exempt foundations and concluded that "left-wing social scientists" were behind many activities which the committee considered subversive...
...Tax-Free Headache. Of the 656 corporate domestic bond issues traded on the New York Stock Exchange in 1956, only 44 showed price rises for the year. Among them: Bethlehem Steel (up 30?), Southern Natural Gas (up 16½), Detroit Edison (up 11), General Dynamics (up 8?). Tax-free municipals were even more of a headache. In 1956 alone, $5.4 billion in tax-exempt bonds were floated, bringing the total municipal debt to nearly $50 billion. This flood of issues, competing for an already restricted money supply, forced the market down further...
...hearing came "perilously close" to being an effort "to intimidate a man for writing what he believes." There was no doubt that the committee's heavyhandedness had weakened its case. Likewise, there was little doubt that Congress had every right to eye the major activities of a tax-exempt foundation, that the hearing had strongly suggested that Cogley's report was inept journalism at best. As Reporter Woltman put it: "Any newspaper that proceeded the way Cogley did would be subject to grave criticism...
Reece, a former chairman of the Republican National Committee, and one of the late Senator Taft's most outspoken supporters, will talk on "To Socialism Via Tax-Exempt Foundations...