OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Financial Services and General Government Appropriations Act, 2017

Floor Speech

Date: July 6, 2016
Location: Washington, DC
Issues: Taxes Government Operations

BREAK IN TRANSCRIPT

Mr. SCHIFF. Mr. Chairman, I rise in support of the amendment offered by Mr. Becerra.

Special interest groups have increasingly been raising dark money for political campaigns by exploiting loopholes in IRS regulations. These groups designate themselves as 501(c)(4) or social welfare organizations, which allows them to operate tax exempt and raise unlimited money completely anonymously.

Tax-exempt status was intended to be limited to social welfare organizations that focus on just that--the social welfare--not political activity. But IRS audits of these organization can take years, and at that point, the damage is already done.

The announcement that the IRS would release clearer guidelines on what constitutes candidate-related political activity should have been welcomed, not blocked by a rider.

Real campaign finance reform is still needed, and passing this amendment striking the rider would be an important step to help the IRS clamp down on organizations illegally funneling anonymous, unregulated money in our elections.

BREAK IN TRANSCRIPT


Source
arrow_upward