Sitting on billions, Catholic dioceses amassed taxpayer aid
Source: Associated Press
By REESE DUNKLIN and MICHAEL REZENDES, Associated Press 2 hrs ago
Scores of Roman Catholic dioceses in the U.S. had more than $10 billion in cash and other readily available funds when they received at least $1.5 billion from the nations emergency relief program for small businesses slammed by the coronavirus, an Associated Press investigation has found.
The financial resources of several dioceses rivaled or exceeded those available to publicly traded companies like Shake Shack and Ruths Chris Steak House whose participation in the Paycheck Protection Program triggered outrage last spring.
The taxpayer-backed aid was supposed to help recipients that lacked the kind of financial safety net that cash and short-term assets provide.
While dioceses, their churches and schools went into the pandemic with billions, the cash catastrophe church leaders feared did not materialize, AP found. New financial statements that several dozen dioceses have posted for 2020 show available resources improved despite the pandemics hard, early months the same time they sought paycheck protection aid.
Read more: https://www.msn.com/en-us/news/us/sitting-on-billions-catholic-dioceses-amassed-taxpayer-aid/ar-BB1dntSr?li=BBnb7Kz
Journeyman
(15,031 posts)LittleGirl
(8,282 posts)godamnit
olegramps
(8,200 posts)They have been allowed to amass huge portfolios resulting in fantastic incomes all of which are tax exempt. Their claim is that the church uses these funds to help the needed. Bull, their reinvesment of dividends is worth millions. I have not seen very many skinny clierics who are being underfeed. It a damn racket that the churches have taken advantage of. They are lilke the biblical story where the rick dine in splendor and toss a few bones to the poor groveling at in the dirt.
LittleGirl
(8,282 posts)The American government is supporting churches that are tax free!
Its got to STOP!
All churches, not just Jesus ones.
twodogsbarking
(9,728 posts)See how Catholic works.
Roisin Ni Fiachra
(2,574 posts)Government watchdogs warned members of Congress last week that previously unknown Trump administration legal decisions could substantially block their ability to oversee more than $1 trillion in spending related to the coronavirus pandemic.
In a letter to four congressional committee chairs Thursday, two officials in charge of a new government watchdog entity revealed that the Trump administration had issued legal rulings curtailing independent oversight of Cares Act funding.
The letter surfaced amid growing bipartisan frustration over the administrations decision not to disclose how it is spending hundreds of billions in aid for businesses. On Monday, Treasury Secretary Steven Mnuchin appeared to bow to that pressure, saying he would work with Congress on new oversight measures. But some Democrats have said the White House is not taking disclosure requests seriously enough.
https://www.washingtonpost.com/business/2020/06/15/inspector-general-oversight-mnuchin-cares-act/
Despite losing the popular vote, Trump reached the presidency in large part because he won traditionally Democratic Pennsylvania, Michigan and Wisconsin, all states in which Catholics outnumber evangelicals by significant margins.
"It was the Catholic vote that won those states for Donald Trump," says Tim Huelskamp, a former Republican congressman from Kansas now serving as an adviser to the Catholics for Trump movement, a coalition that did not formally exist in 2016.
https://www.npr.org/2020/10/26/926659149/for-trump-conservative-catholics-are-the-new-evangelicals
The Small Business Administration is illegally stonewalling Congress' watchdog agency from reviewing its handling of a massive coronavirus relief program, House Democrats alleged Wednesday.
In a letter to SBA administrator Jovita Carranza, five Democratic committee and subcommittee chairs said the Government Accountability Office Congress' independent oversight arm has been rebuffed in its attempts to interview top SBA officials and access key documents about the implementation of the small business program, known as the Paycheck Protection Program.
"GAO informed the Committees that SBA has not complied with GAOs requests and repeatedly failed to commit to a timeframe in which SBA would comply," wrote Oversight Chairwoman Carolyn Maloney (D-N.Y.), Small Business Chairwoman Nydia Velazquez (D-N.Y.), Coronavirus Select Committee Chairman James Clyburn (D-S.C), Appropriations Chairwoman Nita Lowey (D-N.Y.) and Appropriations subcommittee chair Mike Quigley (D-Ill.).
"To date, SBA has not granted GAO access to all requested SBA officials for interviews and, according to GAO, SBA officials who have been interviewed have not been fully cooperative in providing timely, fulsome and transparent responses to interview questions," the Democrats added. SBA also has not provided GAO with loan level data on the Paycheck Protection Program."
https://www.politico.com/news/2020/06/17/sba-gao-ppp-democrats-326734
Although Mr. Mnuchin promised on Twitter on Monday to work with lawmakers to strike the appropriate balance for proper oversight of #ppploans and appropriate protection of small business information, Treasury Department lawyers issued an opinion that would further curtail oversight of more than $1 trillion in aid, according to the letter sent to lawmakers last week, whose contents were first reported by The Washington Post.
https://www.nytimes.com/2020/06/15/us/politics/coronavirus-ppp-trump-congress.html
With Trump, everything is always about himself, and the grift.
LaMouffette
(2,023 posts)repay them. It seems like that stipulation should make it easier to claw back that money and use it to fund the current proposed stimulus payments.
It's time to start demanding repayment from the billionaire and millionaire recipients like the Catholic church.
And furthermore, there's the little matter of separation of church and state. These religious organizations and Republican politicians and voters are all for not using taxpayer money to fund abortions, citing separation of church and state. But they are fine with church and state being all cozied up when it comes to tax breaks and dole outs like the PPP.
Like another poster wrote, it's time to tax churches, AND make them give back their PPP funds.
Karma13612
(4,552 posts)To be paid back.
Actually, I have another idea that came to me this morning.
We are always saying how the public is not getting good sources of news.
Part of that is due to the fact that we have to pay for good news on line like WaPo, NY Times, etc.
I know there are others, but those are two flagship examples that come to mind.
Pay Walls are a reality.
The reason these news sites charge is because good journalism doesnt come cheap. For some reason, the amount of advertising on the sites doesnt compensate for their expenses to pay salaries, to keep the lights on, etc.
Hence online subscriptions. Heck, my local little weekly newspaper in my rural area is now charging MORE per week to get an ONLINE subscription to their newspaper than the NYTimes does for their introductory rate. Of course, this is after 15 free views.
And when you factor in all the other online news sites that are now offering free content along with member only content, the cost of getting news online is beginning to mount. Similar to having to spend more and more to get the fragmented array of streaming entertainment. Now, if you want to see CBS or NBC beyond certain shows or on-demand offerings, you need to subscribe! For a fee!!
So, my thought is to take some of the money that is realized thru fines and penalties back to the government, and create a journalism fund. Send some of the millions back to ailing news papers so they can keep their online content free.
I know, rules, regs, cant cross boundaries, cant show favoritism to specific news agencies. I know. This wont work, but I wish there was a way. There is plenty of great news and journalism out there and only a fraction of people are getting to read it.
NoRoadUntravelled
(2,626 posts)There's something deeply flawed about this situation.
That's my understatement for the day.
catrose
(5,065 posts)bluestarone
(16,900 posts)Skip the offering tray for the next 20 years!!!
keithbvadu2
(36,751 posts)Yet they declare bankruptcy to avoid accountability for their pederast priests.
DeSmet
(257 posts)Conduct legalized gambling! And your workers are almost slave labor. Don't cry broke at Mass. Anyone could make ends meet with those odds.