Finance
‘Partisan politics’: how efforts to overturn the Johnson amendment could upend campaign finance
Donald Trump has long promised his evangelical base he will undo the Johnson amendment, allowing churches and other non-profits to weigh in on and donate to political campaigns – and his path to doing so is now clearer than ever.
A provision of the tax code since 1954, the Johnson amendment prohibits all tax-exempt non-profit organizations from making political endorsements in – or offering monetary support to – political campaigns. If the president-elect succeeds in overturning it through any of a few available methods, experts say it could have the profound effect of opening up a flow of dark money into politics.
“I think it’ll have as big, or a bigger impact than Citizens United,” said Andrew Seidel, a constitutional attorney and expert on Christian nationalism. “I don’t think people are fully prepared for a country in which churches can accept tax deductible donations in the billions of dollars and then turn around and use that money for partisan politics.”
With a likely narrow majority in the US House of Representatives and the Senate, Trump has multiple avenues to challenge the provision. He could try to push Congress to take legislative action. He could attempt to unwind parts of the provision through executive action, an approach that would likely be subject to litigation. Or, he could involve the Department of Justice – which he has vowed to mobilize politically – in a key, ongoing Texas lawsuit threatening the law.
During Trump’s first term, he failed to deliver on his promise to destroy the amendment. Congress failed to roll back the regulatory measure and in an executive order gesturing at the issue, Trump only advised the treasury to take a lenient posture on the political speech of clergy – “to the extent permitted by law”.
Now, with a lawsuit filed in Texas making its way slowly through the courts, Trump has yet another avenue to chip away at legal limits on churches’ political activity. The complaint, filed against the IRS by National Religious Broadcasters, two Texas churches and the group Intercessors for America – whose mission includes a “call for godly government” – seeks to find the Johnson amendment unconstitutional.
It claims that churches are subject to “unique and discriminatory status” under the tax code and that the IRS “operates in a manner that disfavors conservative organizations and conservative, religious organizations” in enforcing the law.
Named after its author Lyndon B Johnson, the Johnson amendment is inserted into section 501(c)(3) of the tax code to prevent certain non-profits from “participating in, or intervening in, any political campaign on behalf of (or in opposition to) any candidate for elective public office”. The law also notes that “contributions to political campaign funds” would “clearly violate” the provision.
Some churches already flaunt the law’s requirement to refrain from endorsing political candidates – a trend that the Texas Tribune has documented. Repealing the Johnson amendment would allow churches to go further, including potentially donating to partisan causes. Because churches, unlike other non-profit organizations, are not required to file 990 forms disclosing key financial information to the IRS, such an arrangement would allow for little public oversight.
Representing National Religious Broadcasters on the complaint is Michael Farris, the former CEO of the powerful rightwing legal outfit Alliance Defending Freedom and a driving force behind the “parental rights” movement, which seeks to limit schools’ ability to teach about race, gender and sexuality in the classroom. Like the conservative “parental rights” movement, the push to do away with the Johnson amendment could chip away legal barriers separating church and state.
In the short run, overhauling the provision could, Seidel said, allow churches to function effectively as Super Pacs, accepting tax-deductible donations from politically-motivated donors and channeling them into political causes. Such a scenario could, Seidel cautions, force churches to subject themselves to the same financial disclosures that Super Pacs face.
“The church could be the subject of litigation, but then again, who’s going to be running the IRS? Who’s going to be enforcing that?” said Seidel. “It’ll be the Trump administration.”
Finance
9Pay Presents All-in-One Efficient Financial Solution at Singapore FinTech Festival
HANOI, Vietnam, Nov. 14, 2024 /PRNewswire/ — From November 6 to 8, 9Pay showcased comprehensive payment services in Vietnam to businesses at the Singapore FinTech Festival 2024. 9Pay’s participation at one of the largest global Fintech events has attracted significant attention from companies and industry experts.
Singapore FinTech Festival (SFF) 2024 is organized by the Monetary Authority of Singapore in collaboration with the Association of Banks in Singapore for the 9th time at the Singapore EXPO Convention & Exhibition Center. The event attracted 65,000 participants from 134 countries and regions, including more than 3,400 government and regulatory attendees across 665 central banks, regulatory institutions, and other government organizations.
For 9Pay, attending SFF 2024 in Singapore is a strategic step to strengthening its position in fintech in Southeast Asia and the world. Coming for the first time as an official exhibitor of this famous financial event, 9Pay was welcomed warmly by many financial professionals and clients, as a trusted fintech company in Vietnam. This has contributed to strengthening the position of Vietnam’s financial technology industry in the international area, demonstrating that Vietnamese fintech enterprises are ready to compete and integrate into regional and global marketplaces.
The State Bank of Vietnam’s 2024 report highlights Vietnam as a top FDI destination, ranking 25th globally and outpacing regional peers like Indonesia, the Philippines, and Thailand. Key drivers include Vietnam’s large domestic market, robust consumer spending, and proactive government reforms that streamline processes and bolster foreign trade. Improved technology infrastructure has made sectors like e-commerce, fintech, logistics, education, and tourism particularly attractive. With deep market insight, 9Pay, a licensed payment intermediary, has empowered numerous companies to thrive in Vietnam by offering seamless, all-in-one payment solutions.
As the leading payment service provider, 9Pay has established powerful partnerships with international PSPs and Remittances, allowing partners to receive payments seamlessly and facilitating smooth money transfers to Vietnamese beneficiaries. Typical instances include e-commerce platforms expanding in Vietnam that can easily collect payments and promote growth, and an online education provider that integrated 9Pay’s localized payment solution, simplifying tuition payments for Vietnamese students while improving user experience.
Boost Business Efficiency with Collection – Disbursement and Payment Gateway Service
The 9Pay Collection and Pay-Out Service offers several standout benefits for partners aiming to expand and operate efficiently in Vietnam. One of key strengths is the Localized Banking Advantage, enabling partners to use 9Pay as a local bank account for seamless collection and disbursement, simplifying operations and enhancing financial workflows.
Finance
Brazil's Finance Minister Signals Uncertainty Over Fiscal Package Announcement This Week
Finance
Cognition Therapeutics Reports Financial Results for the Third Quarter 2024 and Provides Business and Clinical Update
– CT1812 slowed cognitive decline by 95% in Alzheimer’s disease patients with lower levels of plasma p-tau217 in a pre-specified analysis from Phase 2 SHINE study presented at CTAD –
– On track to report topline results from Phase 2 SHIMMER study investigating CT1812 in patients with mild-to-moderate dementia with Lewy bodies (DLB) by end of 2024 –
PURCHASE, N.Y., Nov. 13, 2024 (GLOBE NEWSWIRE) — Cognition Therapeutics, Inc. (Nasdaq: CGTX), a clinical-stage company developing product candidates that treat neurodegenerative disorders, (the “Company” or “Cognition”) today reported financial results for the third quarter ended September 30, 2024, and provided a business update.
“In the third quarter and recent weeks Cognition Therapeutics achieved one of the most important milestones in its history as the Phase 2 SHINE study results became available. Among the many findings in the SHINE study, new and compelling data presented at CTAD showed a near-total preservation of cognition (as measured by the ADAS-Cog11 and MMSE scales) in a sub-group of Alzheimer’s patients treated with CT1812 who had p-tau217 levels below median,” said Lisa Ricciardi, Cognition’s president and CEO. “We are moving rapidly to advance CT1812 in Alzheimer’s disease and plan to request an end-of-Phase 2 meeting with the FDA where we will review CT1812’s safety and tolerability profile as well as the totality of results from SHINE. We will seek alignment with the FDA on a pivotal Phase 3 program design in light of recent findings relating to lower levels of plasma p-tau217, an important biomarker of Alzheimer’s disease pathology easily measured with a blood test.”
Ms. Ricciardi concluded: “In addition to the substantial progress we have made with CT1812 in Alzheimer’s disease, we expect to report top-line results from our Phase 2 SHIMMER study in mild-to-moderate dementia with Lewy bodies (DLB) by the end of this year. DLB is the second most common neurodegenerative disease, yet few therapies have been studied in this indication and no disease-modifying treatments exist. SHIMMER will deliver safety and tolerability data in a second indication and potentially provide insights to be integrated into a larger clinical study in this under-studied and under-represented population.”
Business and Corporate Highlights
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Results of a pre-specified analysis from the Phase 2 SHINE study of CT1812 in participants with mild-to-moderate Alzheimer’s disease were presented in an oral session at the Clinical Trials on Alzheimer’s Disease (CTAD) conference
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Patients with baseline levels of p-tau217 below the median showed a 95% slowing of cognitive decline on the ADAS-Cog11 scale and 108% slowing of cognitive decline on the MMSE scale*
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Lower levels of plasma p‑tau217 are indicative of less advanced Alzheimer’s pathology, and we believe may identify patients likely to have a greater response to therapy
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The CTAD presentation by Dr. Michael Woodward and an archive of investor webinar are available on the Cognition website
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Baseline characteristics of participants enrolled in the Phase 2 SHIMMER study were also presented at CTAD, confirming enrollment of individuals with mild-to-moderate DLB
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Continued enrollment in Phase 2 START study (NCT05531656) in early Alzheimer’s disease and Phase 2 MAGNIFY study (NCT05893537) in geographic atrophy secondary to dry age-related macular degeneration
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