There are lots of curve ball things in the new tax bill that is about to be unloaded on us. (And for all those of you who are eagerly anticipating your “massive” tax cut, I know a Nigerian Prince who is dying to meet you.)
However, there is one entity in the new tax bill that will definitely be seeing a huge tax cut and that’s Paul Newman’s Own company.
The background and explanations for the Newman tax carve out in the bill are a bit complicated but it has to do with Newman’s being a philanthropic business that donates all of its profits to charity. For some screwy reason, when Paul died and the business passed to his foundation, some crazy tax rules kicked in that now require them to pay a huge chunk of change to Uncle Sam. The new tax bill will eliminate that tax requirement and allow Newman’s Own to continue donating all of its profits to charity. (If you would like a better explanation of this than my Cliff Notes’ review of it (click here.)
All of which makes me think that maybe I should make Buzzy’s a philanthropic operation too. I even have the logo all ready.
