This is just the beginning! Our collection holds over 300 years of history, including rare newspapers, obituaries, marriage records, birth records, and so much more—most of which you won’t find anywhere else!
Foundations Face Extinction Under Senate Unit Plan
The Senate Finance Committee approved a bill that would force almost all foundations to shut within 40 years and require annual distributions. It would tax them at 48 percent after age 40 and impose 40 years back taxes after enactment. The measure bans creating new foundations, imposes annual payout rules, and adds a 50 million dollar a year tax plus 0.2 percent of net worth for enforcement. It also tightens limits on political activity and allows the Justice Department to question tax exempt status for excessive executive pay. Noted examples and past actions cited include the Ford and Rockefeller Foundations and Kennedy era staff travel funds.
MENTIONED IN THIS ARTICLE
Washington
Ford, Rockefeller
Carnegie
Internal Revenue Service
Williamsburg
Senate
Justice Department
Ford Foundation
Carl Stokes
Cleveland
Robert F. Kennedy