Following is the text from the Congressional Record of Rep. Stearns' remarks. Mr. Speaker, the United States is blessed with a deep spirit of philanthropy.
Charitable organizations serve the interests of both the individual and the community.
Private foundations, in particular, have made a measurable difference in the lives of Americans. From access to public libraries, developing the polio vaccine, and even leading in the creation of Emergency 911, each and every American has experienced the benefits of the tireless efforts of these foundations. Currently, there are approximately 47,000 foundations in the United States. Under current law, nonprofit private foundations generally must pay a 2-percent excise tax on their net investment income. This requirement was originally enacted in the Tax Reform Act of 1969 as a way to offset the cost of Government audits of these organizations.