By Matea Gold
“The IRS should not be in the business of regulating political activity,” said David Keating, president of the Center for Competitive Politics, a conservative legal policy group. “They’re trying to reinvent the wheel. A lot of the activity that they’re trying to describe, the [Federal Election Commission] has already written regulations on.”
The regulation still has to go through an extensive public comment period and is expected to change substantially before it is issued in final form. But the debate about the proposal will accelerate the shift of political money into other vehicles, such as private partnerships and for-profit corporations, election law experts said.