New America Foundation Funded by Peterson and a Raft of Fix the Debt Firms
NAF, a not-for-profit 501(c)(3), reported $16.8 million in revenue on its last publicly available federal tax filing in 2010.[8] It is not certain how or if it will disclose the $60 million being raised for Fix the Debt. In October of 2012, three months after its launch, Fix the Debt newly incorporated as a 501(c)(3) in Delaware.[9]
NAF is also funded by many of the top Fortune 500 companies that would benefit from the tax breaks being pushed by Fix the Debt. For instance, Microsoft's Bill Gates gave more than $1 million to NAF in 2011 through his foundation, as did Google executive chairman Eric Schmidt, who now chairs NAF's board.[10] According to a 2012 report from the Institute for Policy Studies (IPS), Microsoft would be one of the big winners if the United States switched to a territorial tax system of the type advocated by Fix the Debt, shaving some $19 billion off the taxes it pays to fund the United States government.[11]
Many NAF donors are also on Fix the Debt's CEO Council, including: Aetna, BlackRock, Google, Humana, UnitedHealth Group, United Parcel Service, Wal-Mart, and Merck.[10] NAF board member Steve Rattner is on the steering committee of Fix the Debt, as are CRFB board members Erskine Bowles, lobbyists Vic Fazio and Jim Nussle, and Alan Simpson.
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