Clandestine political financiers such as David H. Koch, who along with his brother Charles has bankrolled the tea party movement, may soon be hit with “gift taxes” for each donation to nonprofit political advocacy groups. The Internal Revenue Service has been able to tax such contributions since 1982, but it has rarely happened, The New York Times reports.
The George Soros-backed Democracy Alliance pools contributions from the richest progressive donors in the country to fund advocacy groups capable of building a counterweight to the well-entrenched conservative movement. But there’s a potential dark side for groups whose views don’t conform to the Alliance’s…. (more)