A group of Democratic Senators are asking the IRS to cap the amount of political activity a 501 (C)(4) group can engage in at 5-15%.The request came in public comments tol new IRS regulations that would institutionalize tea party targeting by infringing on conservative groups' right to free speech. The Hill: “You will undoubtedly receive complaints from certain corners that these proposed rules will infringe on First Amendment speech rights,” Sens. Charles Schumer (D-N.Y.), Sheldon Whitehouse (D-R.I.) and the other senators wrote to the Treasury Department and the IRS. “Such complaints are without merit: these rules would not restrict anyone’s right to speak, or to spend money to influence elections,” the senators added. “If implemented properly, the rules will only close a loophole that has until now allowed donors to evade campaign finance law disclosure requirements.” Treasury and the IRS rolled out the new rules last...(Read Full Post)