Paul Newman's Foundation Fights Looming 200 Percent Tax
Release Date:
08/17/2016
WASHINGTON, DC -- When Robert Forrester comes to Washington for several days in September, he will have a familiar, but pressing, task on his agenda: meeting with lawmakers and staffers on Capitol Hill to make what might be the biggest pitch of his decades-long career in philanthropy. Forrester, the president and chief executive officer of Newman's Own Foundation, has spent the last five years building support for legislation to save the foundation and open the door to more innovation across the nonprofit world. If Congress doesn't act soon, the foundation could face a whopping 200 percent tax at the end of 2018—a problem Forrester told Bloomberg BNA is an “existential” issue.