Your favorite charity could be targeted by Congress:

Like divining rods, Members of Congress are always alert to fresh sources of money, which once discovered they will spend. California Democratic Congressman Xavier Becerra thinks he's discovered a new source of political treasure: the money inside private and community foundations.

The tax exemption foundations enjoy, says Mr. Becerra, is a "$32 billion earmark." As he explains: "I have an obligation to make sure that those $32 billion that would have gone to the federal government are used for a . . . public good."

This sounds like political intimidation. Unless the foundations reprogram money in the direction of Mr. Becerra's preferences, he'll start proceedings to dismantle their tax exemption.

Mr. Becerra and his allies, however, may want to think twice about whacking foundations. A study out this month suggests that foundations spread economic benefits more broadly through society than had been previously imagined. The research was commissioned by a new organization called the Philanthropic Collaborative and was conducted by Robert Shapiro, President Clinton's under secretary of commerce for economic affairs, and Aparna Mathur, a fellow at the American Enterprise Institute. The Washington-based group's goal is to persuade policy makers of the benefits of philanthropic dollars flowing to communities across the country.
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Mr. Becerra is threatening the charitable exemption mainly to force foundations to redirect donations toward causes he favors. At the Council on Foundations annual meeting earlier this year he complained in particular about the lack of grants to racial minorities. "We're not trying to mandate something," he told the audience about his colleagues' foundation plans in Congress, but "we will, if you don't act."

It shouldn't surprise anyone that Democrats have also floated the idea of confiscating private retirement accounts as well due to the fiscal instability of Social[ist] [In]Security