Tag: Internal Revenue Code

House Republicans Introduce Bill to Close Loophole for Foreign Election Funding

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House Republicans are introducing a bill that would prohibit foreign nationals from contributing to political advocacy organizations, closing a loophole that allows their funds to support political campaigns, according to a report by Axios.

Republican Rep. Bryan Steil of Wisconsin, who chairs the House Administration Committee that certifies elections to the chamber, will introduce the American Confidence in Elections (ACE) Act in the House on Tuesday, according to Axios. The bill will reportedly ban foreign nationals from donating to political advocacy organizations with tax-exempt status under Section 501 (c)(4) of the Internal Revenue Code.

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Ohio Senate Passes Bill Expanding College-Savings Deduction

Bradley Vasoli

The Ohio state Senate on Wednesday unanimously passed legislation to permit more families to take advantage of an income-tax deduction that incentivizes saving for college. 

The measure sponsored by Senators Jay Hottinger (R-OH-Newark) and Andrew Brenner (R-OH-Delaware) applies the deduction to all savings programs nationwide established under Section 529 of the federal Internal Revenue Code. Current law allows Ohioans to take the deduction only for contributions to Ohio’s own 529 program.

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Commentary: Tax All Foundations and Endowments Now

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Yale University

If there were trillions of dollars socked away in convenient vehicles to avoid taxes and benefit the ultra-elite should we not tax them? Are they not fair game in a just system of taxation, where the little guy and the middle class have to pay up—or else? 

The largest endowments, mainly universities indoctrinating students in social justice, wokeism, and class warfare, pay absolutely no taxes. 

The big foundations, promoting radical left-wing activism, likewise pay no taxes. 

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Hunter Biden and Lobbyist Named in IRS Complaint Against National Security Non-Profit Where They Both Served on Board

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Virginia man filed an IRS complaint on Tuesday accusing a left-leaning national security non-profit of violating tax law by failing to disclose a business relationship between two of its board members—Hunter Biden and Sally Painter—and Burisma Holdings.

A copy of the Tax-Exempt Organization Complaint Form  (Form 13909) which raises questions about the Truman National Security Project’s compliance with the Internal Revenue Code is embedded.

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