The Senate Finance Committee has recently set its sights upon nearly a dozen private museums opened and operated by individual collectors located all over the United States. The committee has begun scrutinizing and putting to question whether the tax-exempt status the museums enjoy “provides sufficient public benefit to justify what amounts to a government subsidy.”1…
Tag: Congress
Debt Ceiling Crisis Update
The federal debt limit, also known as the debt ceiling, is the amount of money Congress has authorized for the U.S. government to borrow in order to meet existing obligations, which includes interest on national debt and tax refunds.1 In 1917, the year the U.S. entered World War I, Congress created the first debt-ceiling limit…