Newman's Own Tax Break

WASHINGTON, DC -- The Newman’s Own Foundation isn’t mentioned in the Senate or House tax bills by name, but appears to be the target of a specific carveout—among the many highly targeted breaks and exemptions in the new GOP tax plans. The unusual structure of the Newman’s Own Foundation, a nonprofit charity that wholly owns a for-profit food company, leaves it vulnerable to a punitive 200 percent tax that would break up the arrangement, and for the past nine years it has spent hundreds of thousands of dollars lobbying Congress to change U.S. law so it can be exempt.