May 27, 2010; Source: Fox News | Thank goodness for Fox News, giving us the latest from Grover Norquist. The head of Americans for Tax Reform is unhappy with the tax extenders package approved by the U.S. House of Representatives. To him, this is the Democrats’ mechanism for creating a set of new, permanent taxes.
Part of his argument is that the bill will tax the carried interest of hedge fund managers which he predicts will lower the value of stocks and lower the profit margins of corporations. His argument for Nonprofit Quarterly readers? University endowments and charitable trusts “will see their share of the profits shrink.” He argues that by increasing taxes on “those who dare to start profitable and job-creating small businesses,” Congress is “killing jobs and lowering wages for those still lucky enough to have a job.”
We all remember Norquist’s desire to shrink government to the point where it could be drowned in a bathtub. But he wants to convince nonprofits and foundations that their best interest lies in helping with the drowning. We, ahem, don’t think he’s right, do you?—Rick Cohen