Word: taxed
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...would 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...
...comrades are walking a tightrope. For one thing, they risk alienating the donors on whom they count on for operating funds. More significantly, they could be breaking the law. Nearly all nonprofits are set up under Section 501 (c) (3) of the IRS code, which grants them tax-exempt status if they agree to stay out of politics - only 20% of their budgets can go to political or lobbying work, which must be mostly educational in nature...
...election cycle, the IRS warned 26 charities that they'd stepped over the line, and a further 60 are under investigation. Former House Speaker Newt Gingrich in August returned a $50,000 check to a Colorado family foundation after his policy organization determined the donation was illegal. Losing tax-exempt status could be financially devastating to smaller nonprofits. "You do have to be careful," says Ann Kuster, a lawyer advising the Nonprofit Primary Project. "Everything we undertake must be nonpartisan and include every candidate...
...Schwarzenegger, for example, regularly relies on a Sacramento-based nonprofit, the California State Protocol Foundation, to pay for his overseas travel, including private jets. Other charities foot the bill for the $65,000-a-year hotel suite Schwarzenegger stays at when in Sacramento. And, of course, these donations are tax deductible...
...lukewarm to the idea. After all, investment firms and their employees have contributed nearly $50 million to political campaigns so far in the 2008 election cycle--more than 60% of that money to Democrats. Fortunately for wary party members, President George W. Bush has promised to veto any tax increases. "Why risk losing all those contributions when the President's going to veto it anyway?" said Bob McIntyre, head of Citizens for Tax Justice. Since there won't be enough votes to override a veto, this Congress will probably have to pay for the tax fix the way its predecessors...