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There are non-profits all over the country big and small that are nothing more than folks using it as a tax dodge.
Some Nonprofits Look Su iously Like Forprofits
We took a look, for example, at the American Bureau of Shipping, which sounds like it might even be a federal agency, but it's actually a nonprofit. It's been around for 150 years. And during the seven years we looked at them, through 2010, they've earned $600 million in profits. They paid their CEO more than $20 million over the seven-year period that we looked at, and they don't resemble in many ways what you expect when you think about a nonprofit.
INSKEEP: So let me make sure that I understand what's happening here. Because, of course, there have always been nonprofits in this country. Charities have been nonprofits. Religious ins utions have been operated as nonprofits. Hospitals, some of them are nonprofits. Media companies can be, NPR - just as a matter of full disclosure - is a nonprofit organization. Local public radio stations and television stations are. But you're saying that this is spreading into other kinds of business, or it has spread into other kinds of business?
EVANS: Yeah. And typically, a nonprofit hospital, for example, is going to be spending their profits quote/unquote "on providing services to the community." Here, the remarkable thing that we found was, in the case of the American Bureau of Shipping, they'd made $600 million in profits and rather than turning that back into either reducing their charges or spending most of that money on research or donations, they're doing things like sending $60 million in one year to a hedge fund in the Cayman Islands.
INSKEEP: So when you called the American Bureau of Shipping and asked them about their nonprofit status what did they say?
EVANS: Well, they point out that they're not doing anything that violates the law,
http://www.npr.org/2012/11/14/165093...ike-forprofits
Because the law sucks.
There are non-profits all over the country big and small that are nothing more than folks using it as a tax dodge.
No Church should have not for profit status either.
Yup.
The tax breaks clergymen get are also ridiculous.
I'm honestly surprised ExxonMobile hasn't declared itself a church yet for tax purposes. The Church of Oil already has plenty of followers.
There should be a flat tax. No loopholes, no exceptions. It would be hard to enforce with the mul ude of income sources. If I give you 20K, you have to pay taxes on it. If I give a NFP company that money, I get a tax writeoff and they pay nothing. It's a broken system. No one is going to fix it, they are just going to find ways to tax the middle class more. Those fringe dwellers who make money coming and going and pay nothing (the Marc Rich types), they will never feel any pinch from the IRS. Laws are built in their interest. It's a huge pile of and we were born maggots right in the middle of it.
btw, aren't the Mavs a non-profit organization?
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