Mark Warner: “There are several technical issues relating to this amendment. I say to colleagues, 527 has been on the books since 1975…”

“There are several technical issues relating to this amendment. I say to colleagues, 527 has been on the books since 1975 and here we are dealing with it today: Organizations presently exempt from tax on exempt function income, which includes contributions for political purposes. The McCain amendment would lift this exemption for 527 organizations which do not provide certain information to the Secretary of the Treasury. Thus, a 527 organization which elects not to disclose would be taxed. So it is a revenue measure. There is no doubt about it. It would be taxed on previously exempt income, thus raising revenue. I do not know what more clear example can be made, how this thing will be blue-slipped by the House. The Senate is invading.”