A foundation created and led by Henry Louis Gates Jr. is amending its federal tax form after questions were raised about $11,000 paid to foundation officers — funds that the original tax form called research grants, but that should have been classified as compensation, ProPublica reported. When the payments are accounted for accurately, the foundation’s administrative expenses will account for 40% of its spending in 2007, not 1% as originally reported to the IRS.
Note that the ‘foundation” seems to be mainly in the business of funnelling money to Gates’ cronies. No wonder Obama wants to raise taxes on everyone. No one he knows is paying nearly as many taxes as the rest of us.
You wanna balance the budget, Barry? Get your rich deadbeat friends to pay all their taxes.