Heyday for Cynics
No matter how cynical you get, you can never keep up.”
-Lily Tomlin
The chant is getting louder: “Tax the nonprofits! Tax the nonprofits. It’s the answer to all our problems. They get away with everything.”
Every day I’m reading of another jurisdiction looking to tax nonprofits–all or some–from Honolulu seeking to rescind the property tax exemption of nonprofits to Pittsburgh wanting to not only rescind the property tax but put a tax on tuition paid to its numerous colleges and universities; from Kansas seeking to add Read more
A Tough Hybrid to Swallow – the L3C
My intent was to write about L3Cs—low-profit limited liability companies. Five states already allow them, several more have legislation pending, and many are encouraging the congress to create such legislation. Ever heard of them?
So I went looking for a simple, yet clear, definition of just what an L3C is. In the process, I got sidetracked by a table comparing an LLC, an L3C and a nonprofit.
According to the design and intent of an L3C, it is a cross between a for-profit and nonprofit organization: it Read more
November 19th, 2009 14 Comments Big Profits….No Taxes. The American Way?
According to a new report from the Government Accountability Office, two-thirds of U.S. corporations paid no federal taxes between 1998 and 2005. And a whopping 68% of foreign companies doing business in the United States also paid no federal taxes during that same period. All while doing “trillions of dollars in sales.”
I must say, I am inclined to agree with Senator Byron Dorgan (D.,N.Dakota), who observed in response to the report, “It’s shameful that so many corporations make big Read more
