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A decision by the Senate’s parliamentarian could force the sale of the late actor Paul Newman’s food company, and dismantle his charity.

During the Senate’s consideration of Republicans’ plans to rewrite the tax code, Parliamentarian Elizabeth MacDonough struck a provision that would have spared Newman’s Own from an unusual 200 percent tax it’s facing.

It had been seeking the provision for eight years, and appeared to be finally on the cusp of victory. Both House and Senate Republicans had included the exemption in their tax plan drafts, with little controversy or debate.

But MacDonough deemed the provision — along with more than a dozen others — to be violations of the Senate’s rules, so they were deleted before the legislation was passed last week.

[snip]

The problem is a 1969 tax law that bars foundations from owning more than a small stake in private businesses. It was written with an eye toward preventing wealthy people from using foundations as tax shelters, and it imposes a deliberately confiscatory 200 percent tax on those that don’t unload their businesses after a certain period of time.

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https://www.politico.com/story/2017/12/0...congress-212925

I am not overly joyed at this news as the Foundation does do good work, but I do savor the irony. Newman was a big time Liberal so it seems appropriate he would get bit on his ghostly butt by a bill passed by a Democrat dominated Congress in 1969 which was designed to get at them there rich guys for hiding their money from the tax man. RIP, Paul.